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ForgeRock
,
the digital-identity software provider, closed more than 46% higher at $36.70 in its debut on the New York Stock Exchange.
The stock’s first trade of the session was $35 a share, 40% above the initial offering price of $25. It was marketed at $21 to $24 a share.
ForgeRock sold 11 million shares in the initial public offering, raising $275 million. The pricing Wednesday evening gave the company a valuation of almost $2 billion.
ForgeRock began trading Thursday on the NYSE under symbol “FORG.”
Launched in 2010, ForgeRock provides a cloud-based digital-identity platform that aims to help people simply and safely access the connected world, according to the company’s prospectus. It has more 1,300 customers, including the BBC, BMW, HSBC, NBCUniversal, GEICO, and Maersk.
ForgeRock is the latest company in the larger cybersecurity space to seek an IPO. SentinelOne (ticker: S), which provides an AI-powered cybersecurity platform, debuted in June. Knowbe4 (KNBE) made its debut in April.
ForgeRock’s loss for the six months ended June 30, narrowed to $20.1 million from losses of nearly $36 million or the same period in 2020. Total revenue jumped 53% to $84.8 million during the 30 period, the prospectus said.
The IPO for ForgeRock followed strong trading debuts Wednesday from drive-thru coffee chain
Dutch Bros
(BROS) and high-performance shoemaker
On Holding
(ONON).
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