New Relic (NEWR) Raises Expected IPO Price Range to $20-$22

In an amended S-1 filing with the SEC, New Relic (NYSE: NEWR) raised the expected price range of its upcoming IPO to $20-$22 from $18-$20. The company still plans to sell 5,000,000 shares in the offering, which is expected this week. The stock has been approved for listing on the New York Stock Exchange under the symbol "NEWR."

Triton Research rates the New Relic IPO 7.31, versus their average IPO score of 6.58.

Morgan Stanley and J.P. Morgan are leading the offering.

New Relic develops and sells a software service on a subscription basis to software developers and other IT professionals at small and medium businesses that tracks and identifies performance issues and bugs in software. As of September 30, 2014, the company had over 250,000 users.

For the fiscal years ended March 31, 2012, 2013, and 2014, revenue was $11.7 million, $29.7 million, and $63.2 million, respectively, representing year-over-year growth of 154% from the fiscal year ended March 31, 2012 to the fiscal year ended March 31, 2013, and 113% from the fiscal year ended March 31, 2013 to the fiscal year ended March 31, 2014. For the six months ended September 30, 2013 and 2014, revenue was $26.1 million and $48.0 million, respectively, representing year-over-year growth of 83%. The company had net losses of $7.5 million, $22.5 million, and $40.2 million for fiscal years ended March 31, 2012, 2013, and 2014, respectively, and $18.6 million and $19.4 million for the six months ended September 30, 2013 and 2014, respectively.

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