The cybersecurity company Darktrace has confirmed plans to list its shares on the London Stock Exchange. Sky News reported last night that the float could put a value of up to £3 billion on the company.
There is a lot riding on Darktrace’s forthcoming IPO after Deliveroo’s stock market flop. The food delivery company’s IPO disaster has put a cloud over the UK tech sector and whether other tech entrepreneurs would really want to risk floating their company in London
“If Darktrace manages to float its shares successfully and see them rise in value once trading begins then sentiment may improve towards London as a listing venue,” said Russ Mould from AJ Bell.
“Darktrace’s services are certainly in demand as companies around the world fight cyber security issues. However, there is still some controversy to accompany its stock market debut involving two individuals who invested in the company at an early stage: Mike Lynch is battling extradition to the US and his former colleague Sushovan Hussain is serving time in prison for fraud.
“It will be interesting to see if prospective investors view association with these two individuals as merely unfortunate or actually a reason not to buy the shares.”