San Francisco-based Cloudflare sold 35 million shares on Thursday for US$15 each, said the people, who asked not to be identified because the information wasn’t public yet.

The company on Wednesday upped its target for the share sale to US$12 to US$14, after setting a US$10 to US$12 range earlier.

A representative for Cloudflare didn’t immediately respond to a request for comment.

Cloudflare said about 10% of Fortune 1,000 companies are paying customers.

Its security services blocked an average of 44 billion cyber threats a day during the second quarter, it said in its filings with the US Securities and Exchange Commission.

For the first six months of the year, Cloudflare lost US$37 million on revenue of US$129 million, compared with a loss of US$32 million on revenue of US$87 million for the same period last year, it said.

Cloudflare acknowledged in its filings that its risks included negative publicity from the use of its network by 8chan, a website favoured by white supremacists and used by gunmen before mass shootings in El Paso, Texas and Christchurch, New Zealand, this year.

It also cited the use of its services by neo-Nazi website The Daily Stormer around the time of the 2017 protests in Charlottesville, Virginia.

It said it also faced concerns about censorship for terminating the accounts of such groups.

The offering is being led by Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co Cloudflare’s shares are expected to begin trading Friday on the New York Stock Exchange under the symbol NET.