The offering sets an initial market valuation for the Silicon Valley company of over $10 billion, making it one of the largest security debuts ever. Earlier, the company priced shares for its IPO at $34 each, above the expected $28 to $30 range.
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The company’s IPO comes amid a busy period for large tech offerings, with one of the most closely watched planned debuts, workplace communications platform Slack, on deck for next week. While CrowdStrike’s well-received offering doesn’t necessarily serve as a proxy for the broader market, it is certainly a bullish indicator.
Prior to filing for an IPO, Silicon Valley-based CrowdStrike was one of the more heavily funded startups out there, having raised more than $480 million across Series A, B, C, D and E rounds, according to Crunchbase data.
The company also has been showing the kind of growth that investors like to see. In the quarter ending April 30, 2019, CrowdStrike grew its revenue from $47 million in the year-ago period to $93.6 million to $95.7 million. (The company reported ranges, as its accounting for the quarter has yet to close.)
Yet like most tech IPO entrants this year, it’s still far from profitable. The company expects to lose between $26.5 million and $25.7 million on an operating basis in the just-ended quarter.
Illustration: Li-Anne Dias.