ServiceNow Inc., a San Diego provider of cloud-based IT services to large companies, said it plans to sell up to 1.65 million shares of its common stock in a public offering that should raise an estimated $300 million, according to a recent securities filing.
The main purposes for the stock offering are to facilitate an orderly distribution of the firm’s shares by the selling stockholders, to increase the company’s public float, and increase the company’s financial flexibility, ServiceNow said.
Morgan Stanley & Co., Citigroup Global Markets Inc., and Deutsche Bank Securities Inc. will act as the lead book running managers for the offering.
In June, ServiceNow raised some $210 million in its initial public offering of its stock on the New York Stock Exchange.
--SDBJ Staff Report