Sept 8 (Reuters) - Netskope is seeking a valuation of up
to $6.5 billion in its initial public offering in the United
States, the cloud-based cybersecurity firm said on Monday,
signaling investors' appetite for new listings.
U.S. listings rebounded after an April slump sparked by
tariff-driven market volatility, as signs of progress in trade
negotiations and demand for fresh listings restored confidence
in the market.
Ticketing platform StubHub also launched a roadshow for its
U.S. initial public offering on Monday, aiming a raise of up to
$851 million.
Santa Clara, California-based Netskope said it would sell
47.8 million shares, priced between $15 and $17 apiece, to raise
as much as $813 million.
Netskope, founded in 2012, develops cloud security software
that helps businesses safeguard apps, websites and data from
cyber threats.
A rise in sophisticated cyberattacks and the rapid shift to
cloud platforms have heightened fears of breaches and
operational disruptions, spurring investor interest in
AI-powered cybersecurity firms that promise stronger defenses in
an increasingly digital economy.
It competes with larger companies, including Palo Alto
Networks and Zscaler, in the secure access
service edge (SASE) market.
The SASE market is projected to surge to $25 billion by 2027
from $7 billion in 2022, according to Gartner's 2023 report.
The company's customers range from mid-sized firms to large
enterprises, including mobile chip designer Qualcomm ( QCOM )
and Canadian bank BMO.
Netskope was valued at $7.5 billion in a 2021 funding round
led by ICONIQ, with other investors including Sequoia and Accel.
The listing comes a year after rival Rubrik's New
York debut, the shares of which have more than doubled since
going public.
Morgan Stanley and J.P. Morgan are the lead underwriters for
the offering. Netskope will list on the Nasdaq under the "NTSK"
symbol.