April 25 (Reuters) - British cyber-security firm Darktrace
is cutting the valuation of its London stock exchange listing as
it adopts a cautious approach aimed at avoiding a repetition of
Deliveroo's disappointing public debut, Sky News
reported on Sunday.
Darktrace is moving towards a price range that will value it
at between 2.4 billion pounds ($3.33 billion) and 2.7 billion
pounds, Sky News said.
An official announcement from Darktrace is expected on
Monday, according to Sky news.
Darktrace did not immediately respond to a request for
comment.
The firm, backed by tech entrepreneur Mike Lynch, said last
week it planned for a $4 billion premium listing on the London
Stock Exchange that would take place in early May.
Darktrace, which counts Rolls-Royce and Coca-Cola among its
customers, aims to raise new funds to accelerate product
development and strengthen its balance sheet.
A source familiar with the transaction told Reuters earlier
this year the company would target a 3 billion pound valuation.
The technology company, founded in 2013 in the university
city of Cambridge, uses AI to understand IT networks and detect
attacks by identifying unusual behaviour.
Deliveroo's flotation in March was supposed to be London's
debut of the decade, but the stock plunged 30% on the first day,
wiping more than 2 billion pounds from the company's initial 7.6
billion pound valuation.
($1 = 0.7209 pounds)
(Reporting by Ann Maria Shibu in Bengaluru; Editing by Susan
Fenton)