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MobileIron Goes Flat Out for IPO

Ray Le Maistre

MobileIron's IPO could be worth up to $128 million when it floats about 15% of its stock on Nasdaq in the near future, the company revealed in a S-1 form filed with the SEC Thursday.

The Mountain View, Calif.-based company, a developer of cloud and hardware-based software systems that manage and secure mobile devices and apps, first registered for an IPO in April and but then appeared to put the brakes on its plans.

Now, though, MobileIron has filed documents that show an expected price range of $8-$10 for the 11.1 million shares being offered by the company. If the over-allotment option of 1.67 million shares is sold when the company goes public, which it expects to do in June, that could take the value of the IPO to nearly $128 million.

What might MobileIron bank? At the mid-point price of $9 per share, the company expects its net proceeds to be $89.2 million after it has paid all its IPO expenses. A sale price of $9 per share would value the company at about $671 million.

Prospective investors will note that the company experienced significant growth last year, but that it is also losing money. Revenues more than doubled year-on-year to $105.6 million in 2013, but operating losses came in at $31.9 million. In the first quarter of this year, revenues hit $28.2 million, up 9% year-on-year, but its operating losses surged to $13.8 million as it invested heavily in sales and marketing.

MobileIron, which this week announced a partnership with the UK's biggest mobile operator, EE, has raised almost $160 million from investors including Foundation Capital , Institutional Venture Partners (IVP), Norwest Venture Partners , Sequoia Capital .and Storm Ventures .

— Ray Le Maistre, Circle me on Google+ Follow me on TwitterVisit my LinkedIn profile, Editor-in-Chief, Light Reading

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User Rank: Light Sabre
5/30/2014 | 3:45:59 PM
Could be a little late
MobileIron could be a good investment and a good company, only time will tell for sure. But it did miss the IPO window as far as timing. IPOs are not commanding the premium they did a few months ago. If the firms bringing this to market recognized that, $9 could be a reasonable opening price. If not, the stock will have a hard time sustaining that price.
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