Thomas Fuller | SOPA Images | Lightrocket | Getty Images
Cybersecurity company Netskope has acquired the stock at $19 above its forecast range after pricing the stock for the expected IPO.
Netskope will begin trading on Nasdaq on Thursday under the ticker symbol “NTSK.” The share sale raised $908.2 million.
Earlier this week, Netskope raised its expected price range from $17 to $19 per share, increasing its expected price range from $15 to $17 to $17. The company announced plans to release it last month.
Netskope’s offering occurs amid the heat of IPO activity after years of lulls that spurred gradual inflation and rising interest rates. The long-term revival has been fostered optimistically by Wall Street and the venture capital industry, eager to return on investment.
Ticket Reseller StubHub I slid 6% on the first day of Wednesday’s trading, but a lack of start may not be a concern. coreweave It was published in March, and the flat closed on the first day, bringing the stock to triple.
Swedish buys, later company Klarna rose 15% with debut this month. Peter Thiel-backed cryptocurrency Exchange Bullish, Design Software Company’s Figma and Stablecoin Issuer Circle, have also jumped since their recent market debut.
The cybersecurity sector is undergoing busy stretches due to the ongoing advances in artificial intelligence and the transactions driven by changing threat landscape.
Included in the biggest technology deals of the year Google’s Israeli cloud security startup’s $32 billion acquisition and WIZ Palo Alto Network’25 billion CyberArk acquisition. After the private equity company went private in 2022, a Sailpoint backed by Thoma Bravo was released in February. Cybersecurity competitors Cloud Strike and zscaler They also made acquisitions this year to strengthen their products.
Based in Santa Clara, California, Netskope was founded in 2012 and is led by co-founder and CEO Sanjay Beri. At the end of July, the company said it had 2,910 employees and 4,317 customers in 90 countries.
Netskope says it’s competing in the networking space with IT security vendors. Broadcom, Cisco, Palo Alto Network and zscaler.
At the end of July, annual recurring revenue rose 33% to $707 million, reaching $328 million for the six months ended July 31st. The company reported a net loss of $170 million during that period.
Key supporters for Netskope include Accel, Iconiq and Lightspeed Venture Partners.
Watch: Some of the latest IPO products are “bubbly,” says Tom Sosnoff of Tastylive
