Darktrace to Cut Valuation of Its London Flotation, Sky Says

(Bloomberg) -- British cybersecurity company Darktrace Plc is cutting the value of its imminent London flotation as it adopts a cautious approach aimed at avoiding a repetition of Deliveroo’s disastrous public debut, Sky News reported citing people it didn’t identify.

Darktrace and its advisers are leaning toward a price range that will put a valuation of about 2.4 billion pounds ($3.3 billion) to 2.7 billion pounds ($3.75 billion) on the loss-making company, Sky said.

The details are likely to be set out in an announcement to the London Stock Exchange that could come as soon as Monday morning, Sky said.

Darktrace’s initial public offering in London is expected to value the company at about $3 billion to $4 billion, Bloomberg News reported April 12, citing a person familiar with the matter. Darktrace and shareholders plan to sell at least 20% of the company’s equity, and the stock will trade on the London Stock Exchange’s premium market and be eligible for FTSE’s benchmark stock indexes, the company said in a statement.

©2021 Bloomberg L.P.