Netskope has announced plans for an IPO in the United States. The Santa Clara-based company hopes to raise up to $813 million (€693 million) with a valuation of up to $6.5 billion.
Netskope’s IPO comes at a time when US stock markets are recovering from a dip in April. That decline was caused by market volatility surrounding trade tariffs. Signs of progress in trade talks and demand for new listings have since restored confidence in the market.
SASE market growing explosively
Netskope develops cloud security software that helps companies protect applications, websites, and data from cyber threats. Founded in 2012, the company focuses on the SASE (Secure Access Service Edge) market. According to research by Gartner, this market is expected to grow from $7 billion in 2022 to $25 billion in 2027.
The increase in sophisticated cyberattacks and the rapid shift to cloud platforms have heightened fears of data breaches and operational disruptions. These developments are driving investor interest in AI-powered cybersecurity companies that promise better defenses.
Netskope plans to issue 47.8 million shares at a price between $15 and $17 each. Morgan Stanley and J.P. Morgan are acting as lead underwriters for the offering. The company will list on the Nasdaq under the symbol “NTSK.”
Netskope competes with larger players such as Palo Alto Networks and Zscaler. The company’s customer base ranges from medium-sized companies to large enterprise organizations, including chip designer Qualcomm and Canadian bank BMO.
In 2021, Netskope was valued at $7.5 billion during a financing round led by ICONIQ, in which Sequoia and Accel also invested.