British cyber security firm Darktrace announces intention to float

© Reuters.

LONDON (Reuters) -Darktrace, the British cyber security firm backed by tech entrepreneur Mike Lynch, said on Monday it intended to float on the London Stock Exchange to raise new funds to accelerate product development and strengthen its balance sheet.

The company, founded in 2013, uses AI to understand IT networks and detect attacks by identifying aberrations to normal behaviour.

Its revenue grew from $79.4 million to $199.1 million between its 2018 and 2020 fiscal years, it said, while core earnings improved from a $27 million loss to a $9 million profit over the same period.

The company said it expected to have a free float of at least 20% of issued share capital and in addition shares representing up to a further 15% of the offer will be made available pursuant to an over-allotment option.

As well as the primary offer, it said there would be a secondary sell-down of existing ordinary shares by certain existing shareholders.

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