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UK-based cybersecurity unicorn Darktrace is reportedly eyeing a £3bn listing on the London Stock Exchange.
The company’s CEO Poppy Gustafsson said that a listing on the London Stock Exchange was a logical move and it had not considered listing in the US, according to a report from the BBC.
This decision to list in the UK comes after food delivery service Deliveroo suffered a poor launch last month. Deliveroo was even dubbed “the worst IPO in London’s history”, after the company’s valuation plummeted by a quarter on its first day of trading.
It is not looking any better for the company. Yahoo Finance stated on Monday that Deliveroo’s shares hit another new low during its selling, dropping down to 241.70p.
This shocking listing performance has caused fears for other technology companies listing on the London Stock Exchange.
However, Gustafsson told BBC that Darktrace is very different from Deliveroo and is “a fundamental technology company.”
Darktrace uses machine learning and AI algorithms to detect and respond to cyber-threats across diverse digital environments, including cloud and virtualized networks, IoT and industrial control systems.
The company’s last funding round was a $50m Series E in 2018, which had put its valuation at $1.65bn. Its revenue has grown from $79.4m to $199.1m in the past two years.
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