Cybersecurity giant Darktrace has announced plans to float in London, in what will be the first major test of investor appetite for technology listings following Deliveroo’s disastrous stock market debut in March.
The IPO could value Cambridge, U.K.-based Darktrace at about $3 billion, according to some reports. The company said it plans to float at least 20% of its shares, with an option to release a further 15% of shares to the market.Founded in 2013, Darktrace uses artificial intelligence to help more than 4,600 organizations worldwide detect and respond to cyber threats, which are becoming increasingly sophisticated. It estimates that the market is worth $40 billion a year.
Lynch is the founder of software company Autonomy Corp which was sold to personal computer and printer giant Hewlett Packard HPE, -0.18% for an $11 billion deal in 2011. He is fighting a U.S. extradition request to face fraud charges related to the deal and is awaiting a verdict of a multibillion-dollar civil claim by HP. Lynch denies the charges.
“There is a lot riding on Darktrace’s forthcoming IPO after Deliveroo’s stock market flop. The food delivery company’s IPO disaster has put a cloud over the U.K. tech sector and whether other tech entrepreneurs would really want to risk floating their company in London,” said Russ Mould, investment director at AJ Bell.
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