Cybersecurity firm Netskope valued at $8.79 billion as shares rise in Nasdaq debut

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Shares of Netskope rose over 21 per cent in their debut on Nasdaq on Thursday, giving the cybersecurity firm a market capitalization of $8.79 billion.

The Santa Clara, California-based company's shares opened at $23 per share, compared with the offer price of $19.

Netskope raised $908.2 million in its IPO by selling 47.8 million shares at the top end of its bumped-up range of $17 to $19 apiece.

The U.S. IPO market is enjoying its strongest momentum in years, with investors showing robust appetite for new listings.

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Companies, in turn, are seizing the opportunity, rushing to tap public markets while conditions remain favorable and before the window potentially narrows.

Last week, more than half a dozen firms, including fintech giant Klarna, raised over $4 billion combined, making it the busiest week for the U.S. IPO market since 2021.

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