Email security firm Mimecast completed its initial public offering Wednesday, pricing its shares at $10 a piece and raising $77.5 million in funding.
The stock price is at the low end of the company’s previously expected range, of between $10-$12 a piece. Mimecast sold the expected number of shares at 7.75 million.
Mimecast, which is based in London and has its U.S. headquarters in Watertown, is listing on the Nasdaq under the symbol “MIME.” Shares are expected to begin trading on Thursday. Its valuation stands at $540 million based on the IPO price.
Mimecast has granted underwriters a 30-day option to purchase up to an additional 591,000 shares, which would increase the total size of the offering to about $83.4 million.
As of March Mimecast employed 169 in the U.S. and 524 overall. The company follows Boston-based cybersecurity firm Rapid7 (RPD), which went public in July. For the full article click here
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