(Bloomberg) — Netskope Inc., the cybersecurity firm backed by Lightspeed Venture Partners, raised $908.2 million in a US initial public offering priced at the top of the marketed range.
The Santa Clara, California-based company sold 47.8 million shares at $19 per share, according to a statement Wednesday. It had previously increased the price range to $17 to $19 each.
The pricing gives Netskope a market value of about $7.3 billion, based on the number of shares in its filings with the US Securities and Exchange Commission. The IPO was about 20 times oversubscribed, Bloomberg News reported Tuesday.
The listing marks a resurgence of technology IPOs, as the stock market continues to push higher driven by investor demand for all things artificial intelligence, overshadowing any concerns about tariffs or a weakening labor market. Technology IPOs have raised $12 billion this year to date, excluding Netskope as well as financial vehicles such as blank-check firms, nearly 80% above the amount the sector raised in the same period last year, data compiled by Bloomberg show.
Software maker Via Transportation Inc. and cryptocurrency exchange operator Gemini Space Station Inc. both rose in their trading debuts last week after pricing their listings above marketed ranges, though Gemini has since plunged below its IPO price.
Netskope previously disclosed growing revenue and shrinking losses. The company had a net loss of $169.5 million on revenue of $328.5 million for the six months ended July 31, compared with net loss of $206.7 million on revenue of $251.3 million in the corresponding period a year earlier, the filing showed.
Founded in 2012, the company’s cloud-native Netskope One platform incorporates AI models to help companies protect customers from threats and keep sensitive data secure, according to the filing. It counts Colgate-Palmolive Co., Home Depot Inc. and Bayer AG among its customers.
Lightspeed is expected to have the greatest share of voting power with 19.2% after the IPO, followed by Iconiq Capital with 19.1% and Accel Partners with 8.8%, according to the filing.
The offering is being led by Morgan Stanley and JPMorgan Chase & Co. The company expects its shares to trade Thursday on the Nasdaq Global Select Market under the symbol NTSK.