Shares in Darktrace PLC (LON:DARK) have begun unconditional trading on the premium segment of the main market of the London Stock Exchange following the cybersecurity firm’s cut-price initial public offering (IPO) last month.
In early deals, the shares were trading up 2.2% at 322p, almost 29% higher than the firm’s IPO price of 250p each but lower than some of the levels reached during conditional trading of the shares which began at the end of last week.
READ: Darktrace jumps 40% after cut-price IPO
When the British tech group first announced it would float on April 19, valuations had gone as high as £3.6bn but signs that it was proving a struggle to get away began to emerge with reports the price had been cut to between £2.4-2.7bn.
The disastrous recent float of Deliveroo PLC (LON:ROO), which slumped after being shunned by a raft of high profile institutional investors and also the presence of controversial Autonomy founder Mike Lynch as a backer were said to reasons investors were being cautious.