Rally Software files for $70 million IPO
Rally has yet to announce the number of shares to be sold, set a price range or announced a date for the sale, according to the filing and a press release from the company. Rally's S-1 registration statement did say the company would be traded on the New York Stock Exchange as "RALY."
The $70 million figure is a placeholder value used in the filing and also is subject to change.
Rally makes cloud-based software tools developers use to manage projects using agile development techniques. It has been one of the fastest growing companies in Colorado, with a headcount around 380 employees companywide.
Rally's revenues have increased dramatically in the past two years, according to financial data included in the filing. In Rally's 2012 fiscal year, which ended Jan. 31, Rally reported revenue of $41.3 million, up 39 percent from the $29.7 million it reported for its 2011 fiscal year, and 124 percent from the $18.4 million it reported in its 2010 fiscal year.
Rally did report a net loss of $11.6 million in its 2012 fiscal year, up from $9.9 million the year before.
Investors in Rally include Boulder Ventures, Mobius Venture Capital, Greylock Partners and Meritech Capital Partners.
Rally was founded in 2001 as F4 Technologies Inc. by current chief technology officer Ryan Martens. Chief executive Tim Miller has been in that position since 2003.
Deutsche Bank Securities Inc. and Piper Jaffray & Co. will act as lead book-running managers for the offering, according to the release. Needham & Company, LLC, JMP Securities LLC and William Blair & Company, L.L.C. will act as co-managers.
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