New Relic Files To Go Public
Summary
The company intends to use the ticker symbol “NEWR” in the flotation, and its offering is underwritten by Moran Stanley, J.P. Morgan, and four other groups. Compared to other, quickly growing technology companies that have shown widening losses in keeping with their revenue growth, New Relic has demonstrated that it has a path to profitability. The company has $92.37 million in cash and equivalents, putting its current runway on what appears to be solid footing. The IPO listing indicates that the company intends to raise up to $100 million in its offering, though I would not be surprised to see that number to revised upwards later. All told, it seems that New Relic is in better shape than other companies looking to pull the trigger, and so, provided that we don’t see additional market chop, the offering should make it live.
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