Overview

• Cybersecurity provider priced its offering at $19 a share, selling 47.8 million shares to raise $908.2 million and valuing the deal near $7.3 billion.
• Shares opened at $23 and climbed more than 20% in early trading, lifting the company’s market value to roughly $8.8 billion intraday.
• CEO Sanjay Beri said the IPO was more than 20 times oversubscribed, signaling strong demand for security names in a reopening listings market.
• Netskope reported annual recurring revenue of about $707 million as of July 31, with first-half revenue of $328 million up roughly 31% and a narrowed net loss of $170 million.
• Morgan Stanley and J.P. Morgan led the deal as investors highlighted Netskope’s AI-driven data protection platform and the prospect of turning free cash flow positive this year.