Mimecast IPO Could Be A Safe Deal

Mimecast Limited (Pending:MIME) expects to raise $85.25 million in its upcoming IPO. Based in London, England, Mimecast offers cloud-based security and risk management services for corporate information and email mainly in the U.S., the U.K. and South Africa.

We previewed the MIME IPO on our IPO Insights platform.

Mimecast will offer 7.75 million shares at an expected price of $10 to $12. If the underwriters price the IPO at the midpoint of that range, Mimecast will have a market capitalization of $594 million.

Mimecast filed for the IPO on October 16, 2015.

Lead Underwriters: Barclays Capital, Goldman Sachs, Jefferies LLC, and RBC Capital Markets

Underwriter: Oppenheimer & Co.

Business Summary: A Provider of Cloud Security and Risk Management Services

Mimecast is a provider of next-generation cloud security and risk management services. It offers an integrated suite of proprietary services to protect corporate clients from significant business and data security risks that result from threats to email systems. In addition to security, the company offers archiving, storage, and management services of critical corporate communications that adhere to compliance and discovery requirements.

Its product portfolio includes Mimecast Email Security services, including targeted threat protection beyond conventional gateway security to protect corporations against increasingly advanced and highly targeted attacks. In addition, this service enables administrators and IT specialists to identify and monitor attempted attacks and access audit reports. URL Protect targets threats from emails with malicious links, and Attachment Protect reduces the threat from malware-laden or weaponized attachments utilized in spear-phishing and other types of advanced attacks. The company’s Secure Messaging is used for sharing sensitive data with external contacts via email, and Large File Send enables PC and Mac users to send and receive large files directly from Outlook or native Mac apps.