They are selling 6.25M shares @ $15-17, so the IPO is expected to raise $93.75-106.25M. From p. 8 of the S-1: Common stock offered by us 6,250,000 shares Common stock to be outstanding after this offering 24,782,240 shares The $370M - $420M market cap figure was based on the 24+M shares expected to be outstanding after the IPO, no?