Cyber security company Darktrace (DARK) saw its stock recover from an early Friday slump but still lost ground after major shareholders sold 25 million shares at 750p against a closing price last night of 820p.
The early exit for private equity and venture capital investors, including KKR, Summit and Balderton Capital, was facilitated by the investment banks which ran the float agreeing to waive the usual listing lock-up agreements.
Darktrace stock had slumped up to 11% to 732p immediately after the market opened on Friday, but have since bounced to 800p, implying a far more modest 2.5% decline.
220% GAINS SINCE IPO
Darktrace shares have performed strongly since they started trading at 250p in April 2021 on a then £1.7 billion market value, helped by substantially lifting guidance for the year to 30 June 2021 and significantly ratcheting up its 2022 expectations.
Darktrace is one of the world’s fastest-growing cyber defence companies and a leader in Enterprise Immune System technology, a new category of cyber security solutions based on pioneering Bayesian mathematics developed at the University of Cambridge, a mathematical way of applying probabilities to statistical problems.
Shares took an in-depth look at the company and its prospects in August this year, which readers can find here.
