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Rally, a provider of cloud-based solutions for managing Agile software development, today announced that it has filed a registration statement with the U.S. SEC for a proposed $70 million public offering of shares of its common stock. The offering is expected to consist primarily of shares from certain existing stockholders. In addition, Rally Software expects to offer 250,000 shares. Rally Software will not receive any proceeds from the sale of the shares by the selling stockholders.
The primary purposes of the offering are to facilitate an orderly distribution of shares by the selling stockholders, increase the company's public float and increase the company’s financial flexibility.
Deutsche Bank Securities Inc. and Piper Jaffray & Co. are acting as joint book-running managers, with Needham & Company, LLC, JMP Securities LLC and William Blair & Company, L.L.C. acting as co-managers for the offering.
