Netskope's Nasdaq debut: Cybersecurity firm's valuation hits $8.8 billion
Netskope, a cloud security company, had a big first day on the Nasdaq in its debut.
Shares opened at $23 and jumped 21% by the close, giving Netskope a nearly $8.8 billion valuation.
The company raised over $900 million by selling shares at the top of its price range—definitely a strong start.
Netskope's IPO shows renewed investor interest in tech
Netskope helps protect cloud apps and web traffic—a hot area as cyber threats keep growing.
Founded in 2012, it's still running at a loss ($170 million for the six months ended July 31), but that's an improvement from before.
It faces off with big names like Palo Alto Networks and Zscaler.
Netskope's successful IPO shows investors are excited about tech again—recent launches like Figma and Circle also did well—making this one of the best years for tech IPOs in a while.