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Darktrace float could be a bigger flop than Deliveroo


Darktrace float could be a bigger flop than Deliveroo
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19 April 2021 • 2:00pm
After Deliveroo’s float floperoo, cyber security firm Darktrace should be the sort of company that investors scramble for a piece of. 
Deliveroo is desperate to be seen as a technology pioneer but the reality is it’s not much more than a takeaway business with a phone app and a legion of poorly paid bike couriers. 
The gap between hope and reality is just one of many reasons why Deliveroo’s stock market listing has been a crushing disaster, with the shares down more than a third from a 390p float price. ....

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Cyber firm Darktrace set for London IPO in early May


Cyber firm Darktrace confirms plans for London float in early May
Darktrace was founded in 2013 and is led by Poppy Gustafsson. (Photo by John Phillips/Getty Images for TechCrunch)
UK cybersecurity company Darktrace today confirmed it will float on the London Stock Exchange in the coming weeks as it looks to build on a successful pandemic year.
The firm’s offer price will be determined following a book-building process, with the listing expected to take place early next month. The company is understood to be seeking a valuation of up to £3bn.
Darktrace will aim to raise proceeds to speed up new product development as well as expansion overseas. ....

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Darktrace big hitters in bid to win over investors


And it is set to call on a string of City grandees and former government ministers to press the flesh on its behalf.
Former universities and science minister David Willetts, 65, was recently appointed to the board, and ex-BT boss Sir Peter Bonfield is a director who has served on the boards of firms such as Sony and Ericsson.
Other advisers include former MI5 director Lord Evans, senior CIA veteran Alan Wade and former UK home secretary Amber Rudd. They could be key to keeping investors on-side.
Darktrace was founded in 2013 by a group of Cambridge mathematicians and former spies.
Clients range from Rolls-Royce to Coca Cola. But the long-running association with Lynch, 55, could be a thorn in its side. ....

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