Cybersecurity firm CrowdStrike soars 70% in its market debut

CrowdstrikeCrowdStrike founder CEO George Kurtz

CrowdStrike shares surged when they hit the public markets on Wednesday morning.

Shares opened for trading at $US65.57 – a 71% jump from their $US34 pricing on Tuesday evening. The 18-million-share sale raised $US612 million. Crowstrike’s pricing was expected to be in the range of $US28 to $US30 a share, which would have meant the company raised $US600 million at the high end of that range.

The cybersecurity startup sells cloud-based-endpoint security, threat intelligence, and incident response solutions. It generated $US250 million in revenue during fiscal year 2019, up 110% from the previous year. Cyberstrike lost $US140.1 million the year ended January 31, up from $US135.5 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.

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