Data security firm Varonis Systems raises IPO to $22/share-Reuters

(Reuters) – Data security firm Varonis Systems Inc expects its initial public offering of about 4.8 million shares on Friday to fetch $22 per share and raise $105.6 million, above its previous estimate of $19 to $21 per share.

The IPO price values New York-based Varonis Systems at about $524.4 million, as the company will have 23.8 million shares outstanding after completion of the offering. All the shares in the IPO are being sold by the company.

As recently as Feb. 18, the company priced its IPO at $17 to $19 per share.

Founded in 2005, Varonis helps organizations manage and analyze their unstructured data, like documents, spreadsheets and media files.

The company has raised funding from investors including Accel Partners, Evergreen Venture Partners, Gitano Venture Capital and EMC Corp.

Morgan Stanley & Co LLC and Barclays Capital Inc are lead underwriters to the offering.

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