SolarWinds Corp. SWI, -0.65% said it plans to raise up to $323 million in its initial public offering, according to an updated filing with the Securities and Exchange Commission late Friday. The Austin, Texas-based IT infrastructure software company said the offering of $17 to $19 a share is composed of 17 million shares from the company and 25 million shares from selling shareholders. To cover overallotments, underwriters have an additional 6.3 million shares from selling shareholders. SolarWinds will not get proceeds from selling shareholder sales. After the offering, private equity firms Silver Lake Group LLC and Thoma Bravo LLC will own 83% of SolarWinds, or 80.9% if the overallotment options are exercised. SolarWinds initial filed for its IPO in late September.