(Reuters) – Shares of Netskope rose over 21% in their debut on Nasdaq on Thursday, giving the cybersecurity firm a market capitalization of $8.79 billion.
The Santa Clara, California-based company’s shares opened at $23 per share, compared with the offer price of $19.
Netskope raised $908.2 million in its IPO by selling 47.8 million shares at the top end of its bumped-up range of $17 to $19 apiece.
The U.S. IPO market is enjoying its strongest momentum in years, with investors showing robust appetite for new listings.
Companies, in turn, are seizing the opportunity, rushing to tap public markets while conditions remain favorable and before the window potentially narrows.
Last week, more than half a dozen firms, including fintech giant Klarna, raised over $4 billion combined, making it the busiest week for the U.S. IPO market since 2021.
(Reporting by Atharva Singh and Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
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