Darktrace enjoys a profitable IPO in London

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Darktrace successfully goes public in London on Friday, valuing the AI ​​security specialist at £ 1.7 billion (USD 2.4 billion).

Cambridge-based computer security company Darktrace has had a hugely successful initial public offering on the London Stock Exchange.

Darktrace was founded in 2013 by math professors and former members of the UK Security Service. Previously, Darktrace announced that the upcoming IPO would raise funds to drive product development as the focus is on growth.

The company uses artificial intelligence to detect attacks by detecting unusual behavior. The company was one of the first to apply AI techniques to cybersecurity.

Successful listing

For the listing, Darktrace had valued 66 million shares (or 9.6 percent of the issued share capital) at a conservative 250p and valued the cybersecurity firm at £ 1.7 billion ($ 2.4 billion).

When its shares debuted Friday morning, Darktrace shares soared over 358 pence, up 43 percent from its IPO price.

Darktrace had hoped to raise a total of £ 165.1m, of which £ 143.4m will go to the company while £ 21.7m will go to existing shareholders.

The company has announced that it will sell an additional 9.9 million shares if demand proves higher than expected.

Your shares are traded under the ticker “DARK”.

The shares are still trading at 343 pence as of Friday, April 30th at 10:15 a.m.CET.

The successful IPO is the first major tech listing announced since Deliveroo’s disastrous IPO in early April, which saw shares plummet 30 percent on the first day of trading.

Notable investor

Darktrace was an early investment by Mike Lynch’s Invoke Trust following the sale of Autonomy to HP in 2011, and Invoke remains Darktrace’s largest shareholder.

Lynch faces fraud charges in the US for selling Autonomy and resigned from Darktrace’s board of directors in 2018 after the US filed Autonomy-related charges.

Board chairman Poppy Gustafsson said Lynch was not involved in the day-to-day business and his legal proceedings had no impact on performance.

Darktrace’s annual revenue rose from $ 79.4 million (£ 57.7 million) in 2018 to $ 199.1 million in 2020, but remains loss-making as Gustaffson said the company continues to focus on growth .