Steeped in spycraft, cybersecurity firm Darktrace rockets on London debut – Reuters

Steeped in spycraft, cybersecurity firm Darktrace rockets on London debut – Reuters

Darktrace (DARK.L), a cybersecurity company advised by former MI5 and CIA spymasters, leapt more than 40% on its market debut on Friday, delivering a boost to the London market after the spectacular flop of Deliveroo last month.

The company was priced at 250 pence in the initial public offering, giving it a valuation of just over half the original aim of $4 billion. But it rocketed to 352 pence when trading started, well above the 220-280 pence range set by its bankers when its roadshow began on Monday.

Darktrace uses AI to understand IT networks and then detect attacks by identifying unusual behaviour from within. Its advisory board includes a former director general of the British security service, Jonathan Evans, an ex-CIA chief information officer, Alan Wade, and former UK interior minister Amber Rudd.