Cybersecurity Firm Netskope Seeks $5 Billion Valuation in Nasdaq IPO

Cloud-security company Netskope Inc. filed confidential paperwork for an initial public offering in the United States, aiming to list its shares on the Nasdaq under the symbol “NTSK.” The Santa Clara-based firm said it intends to raise more than $500 million, a deal that would value it at over $5 billion, according to its prospectus filed on Friday. In the six months ended 31 July, Netskope generated $328.5 million in revenue, a year-on-year increase of 30.7%. The company’s net loss narrowed to $169.5 million from $206.7 million in the same period a year earlier, reflecting efforts to rein in spending while expanding its customer base. Founded in 2012, Netskope provides cloud-based security software used by large enterprises and mid-sized companies to protect applications and data from cyber threats. Morgan Stanley and J.P. Morgan are leading a syndicate of more than 10 banks managing the share sale, which could take place as early as September, pending market conditions.