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The reasoning was that after going public, big companies that in the past had rejected Red Hat would reconsider Red Hat as a viable vendor. "Not until Red Hat went public did Linux become safe for corporate managers to invest in," Bob said. Red Hat indeed went public, on August 11, 1999, and in the midst of the dot. com boom. It sold approximately ten percent of Red Hat's shares, raising 84 million or 6 million shares for 14 per share. The offering valued Red Hat at approximately 840 million-an enormous valuation, considering that revenue ending February 28, 1999, was only 10.
8 million. After Red Hat went public, operations grew more complex. Revenues ending February 28, 2000, increased to 52. 8 million.