By Echo Wang
NEW YORK (Reuters) – Cybersecurity firm Netskope raised $908.2 million in an initial public offering in the United States, the cloud-based cybersecurity company said on Wednesday.
The Santa Clara, California-based company sold about 47.8 million shares at $19 apiece, at the higher end of its target range, which it had previously raised to $17 to $19 per share, confirming an earlier report by Reuters.
This gives the company a valuation of $7.26 billion, compared with the $7.5 billion it fetched in a 2021 funding round led by investment firm ICONIQ.
Investor interest in U.S. IPOs has revived as a series of recent solid debuts helped relieve residual anxiety over President Donald Trump’s tariffs, which delayed several listings in April.
A slew of companies — from crypto and fintechs to biotechs and coffee bars — have gone public post-Labor Day, signaling pent-up investor appetite for new issues.
Earlier on Wednesday, ticket reseller marketplace StubHub started trading on the New York Stock Exchange, in a closely watched debut by a company tied to consumer discretionary spend.
Netskope, founded in 2012, develops cloud security software that helps businesses safeguard apps, websites and data from cyber threats.
Cybersecurity has become an increasingly pivotal part of corporate budgets worldwide, as frequent threats from digital attacks continue to threaten operational continuity and confidential data.
Netskope’s net loss narrowed to $170 million on revenue of $328 million in the six months ended July 31, compared with a net loss of $207 million on revenue of $251 million a year earlier.
Morgan Stanley and J.P. Morgan are the lead underwriters for the offering. Netskope will start trading on the Nasdaq under the “NTSK” symbol.
(Reporting by Ateev Bhandari and Surbhi Misra in Bengaluru; Writing by Svea Herbst-Bayliss; Editing by Krishna Chandra Eluri, Chris Reese and Alan Barona)
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