Darktrace halves sale value as UK investors baulk at high price tech floats

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Darktrace PLC (LON:DARK) today announced it will float at half the value placed on the business two weeks ago when it first announced its intention to list.

The cybersecurity group said it would be priced at 250p per share when dealings start today, giving the business a value of £1.7bn.

When the British tech first announced it would float on 19 April, valuations had gone as high as £3.6bn but signs that it was proving a struggle to get away came last week with reports the price had been cut to between £2.4-2.7bn.

The disastrous recent float of Deliveroo, which slumped after being shunned by a raft of high profile institutional investors and also the presence of controversial Autonomy founder Mike Lynch as a backer were said to reasons investors were being cautious.

Poppy Gustafsson, Darktrace‘s chief executive, said: “This milestone marks an exciting day for Darktrace. This business is one built by collaboration and as such there are many people I would like to thank.

“Our company is deeply rooted in the UK’s tradition of scientific and mathematic research so we are especially proud to be listing on the London Stock Exchange.”

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