According to informed sources, data management software firm Cohesity Inc. is working with JPMorgan and Morgan Stanley for its initial public offering in 2022. According to people who did not want to be identified, the SoftBank Vision Fund back Cohesity is looking to be valued at minimum listing at $5 billion and a maximum of $10 billion according to people who did not want to be identified as the information is private.
As per Bloomberg News, the company expects to submit its draft IPO to U.S. Securities and Exchange Commission this week. The plans and the timing of the IPO are not yet final, and it could change.
Both the representative of Morgan Stanley and JPMorgan declined to comment. At the same time, the Cohesity Inc. spokesperson said that the company would not comment on speculation or rumor.
Cohesity valuation was $3.7 billion in March, up by $2.5 billion last year. The tender offer for the employee shares, led by investor Steadfast Capital Ventures, included existing investors such as SoftBank Vision Fund, Wing Venture Capital and DFJ Growth, Foundation Capital, and Chief Executive Officer and founder Mohit Aron.
According to Aron, who earlier co-founded Nutanix Inc, a cloud-based enterprise that went public in 2016, the Cohesity IPO was not far off and can happen next year.
The San Jose-based Cohesity clients include NASA and Cisco, Systems Inc., and data management services. The company says that its products can protect against cyber security threats and simplify backup.
This year, the company has announced various upgrades to its services, including scanning for cyber threats and disaster recovery of data services.
