Tufin (TUFN) : 30-month performance

• April 6, 2022: Tufin to be acquired by software-focused investment firm Turn/River Capital for $570 million in an all-cash deal.

 

IPOs this week : Oct 7 - 11, 19 (wk 41)

IPOs expected to price

• BioNTech (BNTX) is expected to price its IPO on October 9 in a bid to raise $300M, 
• while HBT Financial (HBT) and Vir Biotechnology (VIR) are due to hit the market on October 10. 

IPO lockup expirations
IPO share lockups arrive on

• Pagerduty (NYSE:PD) and Tufin Software (NYSE:TUFN) on October 8, as well as 
• Jumia (NYSE:JMIA) on October 9. 

IPO quiet period expirations
Analysts are due to start buzzing on SmileDirectClub (NASDAQ:SDC), 10X Genomics (NASDAQ:TXG), Cloudflare (NYSE:NET), Alerus Financial (NASDAQ:ALRS), SpringWorks Therapeutics (NASDAQ:SWTX) and Satsuma Pharma (NASDAQ:STSA) on October 7-8.

There could also be some news of the Saudi Aramco (ARMCO) IPO after the Kingdom fully restored oil production. The company aims to sell shares on the Saudi stock exchange later this year.

IPOs this week : May 6 - 10, 19 (wk 19)

IPOs expected to price

• Parsons (PSN) and Milestone Pharmaceuticals (MIST) on May 7; 
• HeadHunter (HHR), Applied Therapeutics (APLT), Cortexyme (CRTX), NextCure (NXTC), Mayville Engineering (MEC), South Plains Financial (SPFI), Axcella Health (AXLA) on May 8; 
• Postal Realty (PSTL) and Sonim Technologies (SONM) on May 8 along with Uber (UBER).

IPO lockup expirations

• CNFinance (NYSE:CNF) on May 6 and 
• Toughbuilt Industries (NASDAQ:TBLTU) on May 8.

IPO quiet period expirations

• Pagerduty (NYSE:PD) and Tufin Software (NYSE:TUFN) on May 6; 
• Jumia Technologies (NYSE:JMIA) on May 7.

Tufin (TUFN) prices IPO at $14 a share

Israeli cybersecurity company Tufin Software Technologies Ltd. priced shares at $14 in its initial public offering Wednesday evening, setting up the Israeli cybersecurity company for a Thursday trading debut. Tufin announced that it will sell 7.7 million shares at the top of its proposed IPO range, to bring in at least $107.8 million at an initial valuation of about $454 million. Tufin, which sells software focused on security policy and implementation, reported a loss of $4.3 million on revenue of $85 million last year, when sales grew more than 30%, according to filings with the Securities and Exchange Commission. Underwriters, led by JP Morgan, Barclays and Jefferies, have access to an additional 1.16 million shares if needed. Shares are expected to begin trading on the New York Stock Exchange on Thursday morning under the ticker symbol TUFN.

Tufin helps security managers automate changes to their networks while maintaining compliance with industry regulations and without introducing vulnerabilities. The company claims 2,000 enterprise customers in over 70 countries and it was co-founded by Kitov in 2005.

The company opened an office near Post Office Square in Boston in 2017. At that time, Kitov relocated to Boston from Israel and joined a team of 20 employees. In Boston, Tufin currently has a portion of the marketing and general administrative teams, as noted in the regulatory filing. The company, which also leases an office in Akron, Ohio, had a total of 119 employees in the U.S. as of December last year.

Tufin has raised a total of $30 million, according to Crunchbase. The company posted revenues of $64.5 million in 2017 and $85 million in 2018. In those years, Tufin also reported a net loss of $2.8 million and $4.3 million, respectively. In the filing, Tufin noted that its accumulated deficit as of December was $40.3 million.

In its upcoming IPO, Tufin is represented by White & Case. The company’s principal executive office is located in Ramat-Gan, a city with around 160,000 residents just east of Tel-Aviv, Israel.

IPOs this week : April 8 - 12, 19

Expected IPO pricings:

• Jumia Technologies (JMIA), 
• Tufin Software Technologies (TUFN) and 
• Pagerduty (PD) on April 10. 

IPO lockup expirations:

• Allogene Therapeutics (NASDAQ:ALLO) and Livent (NYSE:LTHM) on April 9; 
• Anaplan (NYSE:PLAN) and Equilium (NASDAQ:EQ) on April 10.