Darktrace soars on London market debut, rising 38% above IPO price

Shares in British cybersecurity company Darktrace soared when they started trading on Friday, opening up 38% higher than the price they were sold in an IPO that valued the company at 1.7 billion pounds ($2.37 billion). The shares were priced at 250 pence in its London listing, the midpoint of the range.

Shares in British cybersecurity company Darktrace soared when they started trading on Friday, opening up 38% higher than the price they were sold in an IPO that valued the company at 1.7 billion pounds ($2.37 billion). The shares were priced at 250 pence in its London listing, the midpoint of the range. They were trading at 350 pence at 0715 GMT.

Darktrace had originally targeted a valuation closer to $4 billion, sources had told Reuters. Darktrace's debut stands in stark contrast to Deliveroo, London's biggest listing of the year, which plummeted when it started trading last month as many major institutional investors sat it out. ($1 = 0.7177 pounds)