Darktrace’s astonishing rise makes City forecasters look sillier than usual | Nils Pratley
The cyber security firm has more than lived up to its promises, but that is not enough to account for its stellar rise
The prize for most undervalued flotation of the year goes to Darktrace. The Cambridge-based cyber security firm floated in April at 250p. Price now: an astonishing 731p. How does that happen? How does a £1.7bn valuation become £5bn in five months?
Well, the company has done its bit in by delivering the trading numbers it said it would, plus a bit more, which clearly helps the mood. The fresh news in Wednesday’s first set of full-year figures wasn’t the thumping headline loss of $149m (£108m). It was the second post-float upgrade in revenue forecasts for the year ahead.