NEW YORK, Sept 17 (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 ( STUB )
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.