Darktrace looks set to be worth around £1billion less than predicted when it floats on the stock market in London.
The cyber-security firm is taking a cautious approach amid concerns about its links with Autonomy founder Mike Lynch and Deliveroo’s listing flop earlier this month.
It is set to price shares at between 220p and 280p, according to Bloomberg, valuing it at £1.6billion to £1.9billion, documents circulated to potential investors revealed.
London float: Cyber security firm Darktrace is expected to target a valuation of up to £1.9bn
That is below the £3billion or more some analysts had suggested the tech star was worth – suggesting bosses are trying to play it safe.
However, it is understood the firm has already received enough offers to fully cover its offer to the market.
It wants to raise £144million by selling up to 65.1m new shares.
Darktrace spooked some investors when it warned fraud allegations made against Lynch – who denies any wrongdoing – could lead to the forced sale of his shares, as well as potential money laundering charges against the company.
But it stressed that the tycoon, who owns 19 per cent of the business with his wife and was its first investor, has no day-to-day role in management.
Darktrace is seeking investment to help fund its expansion plans but it has yet to officially price the shares for the float.
Deliveroo slashed its own valuation from an initial upper limit of £8.8billion to £7.6billion – and even then shares crashed on its debut, with the company now worth £4.2billion.
Darktrace boss Poppy Gustafsson has insisted the two companies are nothing alike, however.
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