Rubrik rival Netskope files for a Nasdaq IPO

Investing.com -- Cloud security provider Netskope Inc. filed for a NASDAQ initial public offering on Friday, simultaneously disclosing growing revenue and shrinking losses.

The Santa Clara, California-based company reported a net loss of $169.5 million on revenue of $328.5 million for the six months ended July 31. This marks an improvement from the same period a year earlier when the company posted a net loss of $206.7 million on revenue of $251.3 million.

The company had 2,910 employees as of July 31 and counts major corporations including Colgate-Palmolive (NYSE: CL) Co., Home Depot Inc (NYSE: HD)., and Bayer AG (ETR:BAYGN) among its customers.

Netskope’s filing comes as investors show strong interest in cloud security firms. Its rival Rubrik Inc. went public in April 2024, with shares surging more than 170% since its IPO. Rubrik is backed by Microsoft Corp (NASDAQ: MSFT).

Major investors in Netskope with stakes exceeding 5% include Lightspeed, Accel, and Iconiq. The company previously raised $300 million in a funding round led by Iconiq at a $7.5 billion valuation in 2021.

Morgan Stanley and JPMorgan Chase&Co. (NYSE: JPM) are leading the offering. Netskope plans to list its shares on the Nasdaq Global Select Market under the ticker symbol "NTSK."

Founded in 2012, Netskope offers a cloud-native platform called Netskope One that incorporates artificial intelligence models to help companies protect customers from threats and secure sensitive data.

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