LONDON (Reuters) – British cybersecurity company Darktrace said on Friday it had set the price of its shares at 250 pence in its London listing, around the midpoint of the range, giving the company a market capitalisation of about 1.7 billion pounds ($2.37 billion).
The valuation is well below the $4 billion which sources had said was the company’s original target.
The company, which was backed by entrepreneur Mike Lynch’s Invoke Capital, said it would raise gross proceeds of about 143.4 million pounds by selling new shares, excluding any over-allotment option.
Conditional dealing will begin when the market opens at 0700 GMT, the company said.
($1 = 0.7177 pounds)
(Reporting by Paul Sandle; editing by Sarah Young)
