Cambridge cyber security world leader Darktrace was valued at £1.7 billion on its London Stock Exchange bow this morning but an immediate surge in share price suggested there may be more in the tank.
Darktrace valued at £1.7bn on UK IPO
Tony Quested at Business Weekly writes:
The opening share price of 250p per share zoomed to 350p with an hour of flotation and Darktrace has the option to boost the initial offering raise of £165 million to £190m through an over-allotment option depending on demand from investors.
Originally the company had eyed a potential £3 billion valuation but cut its cloth after Deliveroo’s recent ill-fated UK bow, which was grossly overpriced.The early increase in Darktrace’s maiden share price put the business on course for an early market cap of £2.4bn.
A former Business of the Year with Business Weekly, Darktrace also became Cambridge’s 16th unicorn in May 2018.
Darktrace is the world's leading AI company for cyber security.