On September 18, 2020, JFrog, the liquid software company, announced the closing of its initial public offering of 13,303,450 ordinary shares at a price to the public of $44.00 per share, which includes 3,568,218 shares offered and sold by certain of JFrog’s existing shareholders and the full exercise of the underwriters’ option to purchase 1,735,232 ordinary shares from JFrog. JFrog estimates its net proceeds from the offering are approximately $393.1 million after deducting underwriting discounts and commissions and estimated offering expenses. JFrog did not receive any proceeds from the sale of the shares by the existing selling shareholders. The shares began trading on The Nasdaq Global Select Market under the symbol “FROG” on September 16, 2020  and the shares closed at $64.79, 47% above the initial price.

The deal was underwritten by nine banks led by Morgan Stanley, J.P. Morgan and BofA Securities. The acting co-managers for the offering are KeyBanc Capital Markets, Piper Sandler, Stifel, William Blair, Oppenheimer & Co. and Needham & Company.

JFrog is a liquid software company based in Israel, focusing on Developer Operations and aiming to streamline software development within organizations. The company says that COVID-19 has increased the need for reliable software and the demand for its services. JFrog products are available as open-source, self-managed, and SaaS services on AWS, Microsoft Azure, and Google Cloud.

The Wilson Sonsini team representing JFrog in the offering includes partners Jeffrey Saper, Allison Spinner, Steven Bernard, and David Thomas, associates Michael Klippert, and Lillian Jenks, and senior paralegal Jessie Couch.