Darktress Cybersecurity software demonstrates how global problems can start at just one employee’s workstation.
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LONDON – British cybersecurity start-up Darktress rose 43 per cent to 43 per cent in London on Friday, in line with expectations.
The company traded its shares at 250p on Friday morning. At that price, Darktress was valued at .7 1.7 billion ($. $ Billion), the company said.
At 8:15 a.m. London time, shares of Darktress jumped 43% to 8,358p.
Darktress said its offer would include about 66 million shares – or 9.6% of the share capital issued by Darktress – and raise a total of 5 165.1 million.
Of that, 3 143.4 million will go to the company, while 21.7 million will go to existing shareholders. Another 9.9 million shares will be sold if demand exceeds expectations, the company said.
Shares of Darktress began trading conditionally under the ticker “Dark” on Friday morning. The unconditional transaction is expected to start on May 6.
This is the second big test of London’s appetite for high-growth tech companies. Amazon Mazon-backed food delivery firm Delivery made its debut last month and jumped to 30 per cent of the worst London IPOs in history.
Post-Brexit Britain is revising its list of regimes to lure companies like this, including a government-review to relax regulations on secondary class area structures and special purpose acquisition companies or SPACs.
London has been a busy year of tech IPOs so far, with the likes of Delivero, TrustPilot and Moonpig becoming public. But some investors fear that the disappointing performance of deliveries – less than 32% of the IPO price – could prevent other tech companies from listing in the city.
In a market of .7 1.7 billion, Darktrace may be reaching an early stage, compared to its initial valuation of आय 1 billion, at a conservative price.
The company’s listing has raised concerns over its proximity to UK tech entrepreneur Mike Lynch, who has been fighting for his extradition to the UK.
Hewlett-Packard established autonomy on Lynch in 2011. He has accused the company of betraying the value of autonomy.
Lynch was an early investor in Invoke Capital Darktrace. Darktress’s chief executive officer, Poppy Gustafsson, and chief policy officer, Nicole Egan, both worked autonomously. For his part, Darktress says Lynch has no direct involvement in the company’s day-to-day running.
Founded in 2013 in Cambridge by a group of former intelligence experts and mathematicians, Darktrace uses artificial intelligence to detect and respond to cyberthreats in IT systems in the business. Crunchbase says it has earned a total of 0 230.5 million from investors so far.
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