British-American cyber security company Darktrace is on track to enter the FTSE 250 following a successful initial public offering (IPO) in April.
An announcement on the quarterly FTSE reshuffle is due on 1st September, based on closing prices from 31st August, according to a Share Cast report.
Upon listing, Darktrace was valued on the London Stock Exchange at GBP1.7bn (USD2.3bn). Its shares jumped 44% on its first day – and has since returned 76.2%, despite a recent dip.
In early trading this morning, its share price was up 0.65%.
Darktrace’s opening months on the stock market demonstrated investors' confidence in the cybersecurity firm. Its listing also marked one of this year’s most successful IPOs on debut.
The company, which provides enterprise-wide cyber defense to over 4,700 organisations in over 100 countries, was also named one of TIME Magazine’s most influential companies this year as a result – alongside Apple, Bumble, Headspace and Pfizer.
The list recognises businesses that are shaping the future. Darktrace was described in it as a "pioneer" in using artificial intelligence to tackle cyber-threats.
It comes as the cybersecurity space is becoming more important within our connected global economy as companies strive to keep data safe.
Just under 40% of businesses in the UK had a cyber security breach or attack in the 12 months leading up to March this year, with 21% of those companies losing data, money or assets, according to the government’s department for digital, culture, media & sport.
The department said that in this year’s study it was found that 1,483 firms tracked now, offer cyber security products or services in the UK – an increase of 21% from its last analysis.
As a result, the sector has also added over 3,800 jobs, and revenues have grown by 7% to GBP8.9bn. It said 2020 was also a record year in terms of external investment into the sector – at GBP821m.