Netskope is seeking a valuation of up to $6.5 billion in its initial public offering in the United States, the cloud-based cybersecurity firm said on Monday, and plans to sell 47.8 million shares priced between $15 and $17 to raise as much as $813 million.
The company said it will list on the Nasdaq under the symbol “NTSK” and that Morgan Stanley and J.P. Morgan are the lead underwriters.
Founded in 2012, Netskope develops cloud security software that helps businesses safeguard applications, websites and data from cyber threats, the article said; its customers range from mid-sized firms to large enterprises including Qualcomm and Canadian bank BMO.
The company competes with larger firms such as Palo Alto Networks and Zscaler in the secure access service edge (SASE) market, which the article cites as projected to grow to $25 billion by 2027 from $7 billion in 2022, according to Gartner’s 2023 report.
Netskope was valued at $7.5 billion in a 2021 funding round led by ICONIQ, with investors including Sequoia and Accel, the article said. The listing follows recent tech market activity, including last year’s New York debut by rival Rubrik, whose shares have more than doubled, and a roadshow launched by ticketing platform StubHub.
U.S. listings have rebounded after an April slump driven by tariff-related market volatility, and Netskope’s filing was presented by the company as a sign of investor appetite for new listings, the article said.