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yesterday

Netskope Jumps on Nasdaq Debut After $908 Million IPO Prices at Top of Range

Investors crowded into the deal on expectations that AI-related cyber risks will push security spending higher.

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(©ekaphon/stock.adobe.com)
(©designer491/stock.adobe.com)

Overview

  • Netskope priced its offering at $19 a share to raise about $908 million, implying a valuation near $7.3 billion.
  • Shares opened at $23 under the ticker NTSK, rising roughly 25% from the IPO price in early trading.
  • CEO Sanjay Beri said the deal was more than 20 times oversubscribed after the company lifted its price range to $17–$19 from $15–$17.
  • Morgan Stanley and JPMorgan served as lead underwriters for the Nasdaq listing.
  • For the six months ended July 31, the company reported $328 million in revenue and a $170 million net loss, with annual recurring revenue topping $700 million and a platform that applies AI to safeguard sensitive data.