netskope It jumped over 18% with NASDAQ’s debut on Thursday, pushing the cybersecurity company to a market value of $8.6 billion.
Netskope debuted at $23 under the ticker symbol “NTSK” after selling its shares for $19 on Wednesday at the top of the recently rising pricing range. The sale raised more than $908 million.
CEO and co-founder Sanjay Beri said in an interview with CNBC ahead of the initial deal that the offering was over 20 times more than 20 times more. Netskope aims to help businesses protect their data while leveraging artificial intelligence tools.
“The world is moving with AI and clouds,” he said. “That requires a redefinition of data network security, the biggest market in security. That’s what we are.”
Netskope 1-day stock chart.
Beri told CNBC that the company is not generally seeking large-scale acquisitions based on its recurring annual revenues. He said Netskope usually targets “specific” technology and teams, as big deals don’t go off the table.
The company operates in a competitive situation, listing the Palo Alto Network, Broadcomand Cisco Among the most intense candidates. But Beli said his goal is not to become a one-stop cybersecurity shop.
“I don’t believe people want one platform in security and networking,” he said. “People need to play well with each other in the industry and integrate for the best customers.”
Netskope, which applied for its first public offer last month, is yet to reach profitability. Revenue totaled $328 million for the six months ended in July, with the company reporting a net loss of $170 million.
Veri told CNBC the company plans to make its free cash flow positive this year. Repetitive annual revenue exceeded $700 million at the end of July.
