CrowdStrike: $12 billion market cap in NASDAQ
CrowdStrike, a company based out of Sunnyvale, offers into the business of of cybersecurity valuation soared to around $12 billion on it’s first day as a public company, offers cloud-based technology that is designed to detect and prevent breaches, now started trading on the Nasdaq stock exchange, under the ticker symbol “CRWD”, this morning at $63.50 a share, up 85% over the pricing of its initial public offering Tuesday night.
CrowdStrike has a net loss of $140 million for the latest fiscal year, while its sales more than doubled to $249.8 million. CrowdStrike Holdings Inc.’s has created storm in the technology vertical in NASDAQ on it’s first day as a public company.
The impressive first day of trading for the company helped push CEO George Kurtz’s net worth to over a billion, while the early backers of the company have experienced handsome returns. One of the investor named Warburg Pincus, who owns a stake that’s worth over $3 billion.
CrowdStrike’s rally pushed the company’s market cap to around $12 billion, which is close to four times the business’ valuation from its last private round back in June 2018. The business is now worth about as much as Symantec, a leader security software provider .
CrowdStrike raked in $612 million during the IPO after selling 18 million shares for $34 apiece. The company was aiming for $28 to $30, a target it had raised from the original $19 to $23 range after seeing stronger-than-expected investor interest. It is really a big first-day jump is also seen as a sign of confidence by investors.
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