Cybersecurity firm CrowdStrike soars 70% in its market debut
- CrowdStrike, a cybersecurity startup founded in 2011, jumped 71% in its opening trade.
- The company sells cloud-based-endpoint security, threat intelligence, and incident response solutions.
- Private investors last valued the company at $3.4 billion.
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CrowdStrike shares surged when they hit the public markets on Wednesday morning.
Shares opened for trading at $65.57 - a 71% jump from their $34 pricing on Tuesday evening. The 18-million-share sale raised $612 million. Crowstrike's pricing was expected to be in the range of $28 to $30 a share, which would have meant the company raised $600 million at the high end of that range.
The cybersecurity startup sells cloud-based-endpoint security, threat intelligence, and incident response solutions. It generated $250 million in revenue during fiscal year 2019, up 110% from the previous year. Cyberstrike lost $140.1 million the year ended January 31, up from $135.5 million in 2018.
CrowdStrike joins the public markets just weeks after Uber, Zoom, Pinterest, and Beyond Meat set the pace for a blistering start to 2019's public offerings.
The company is listed on the Nasdaq under the ticker CRWD.
Goldman Sachs, JPMorgan, Bank of America, and Barclays were the lead underwriters on the IPO.