Insiders said this weekend that investment banks had been asked to pitch next week for the mandate to advise on Darktrace's prospective London float, which is expected to seek hundreds of millions of pounds from the sale of new and existing shares.
Among the questions they are said to have raised are whether underwriting the float could constitute a potential breach of Britain's Proceeds of Crime Act, as well as the continuing close relationship between Darktrace and Invoke. Bankers have also questioned their ability to participate in the IPO process because Sushovan Hussain, the former Autonomy finance chief and a Darktrace shareholder, was sentenced to five years in a US prison for fraud in May 2019.
Last week saw the London's biggest IPO for several years with the listing of The Hut Group, the digital consumer brands and logistics group. Headquartered in Cambridge, Darktrace supplies artificial intelligence-based cybersecurity software to corporate customers, helping them to detect abnormal behaviour on their networks.
Source: Law Daily Report (lawdailyreport.net)
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