The Israel based cyber security company has a market cap of $881 million.
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Israeli cyber security firm CyberArk has made a huge impact with its NASDAQ IPO, which was held on the eve of the Jewish New Year in New York, reaching a valuation of $881 million .
The company sold 5.36 million shares at a price of $16 per share, well above the $13-$15 range that it had originally hoped for when it first made its IPO plans public back in June, raising $86 million on Wednesday. It sold 15% of its shares which then rose 86% by the end of trading on Friday which just so happened to coincide with the end of the Rosh Hashana holiday.
This is the third Israeli company in recent weeks to see its share price double on its first day of trading following Mobileye (NYSE: MBLY) and ReWalk Robotics Ltd. (Nasdaq:RWLK).
Udi Mokady, CyberArk’s CEO, told The Wall Street Journal, “I’m not looking at the percentage of the pop I’m looking at the color. I’m just happy it’s green.”
CyberArk now has almost twice it’s initially hoped for $470 million. The company plans on using some of that money to buy out a few of its competitors in order to acquire their similar technologies, as well as on research and development
The representatives of the underwriters for the offering were JP Morgan and Deutsche Bank. The underwriters were given a 30 day option to buy up to 804, 000 shares in the company by CyberArk.
A privately held company founded in 1999 by Udi Mokady, its president and CEO, and Alon Cohen, CyberArk claims to be the only security firm focused on eliminating the most advanced cyber threats; those that use insider privileges to attack the heart of enterprises. It proactively secures against cyber threats before attacks can escalate and do irreparable damage. The firm states that it is trusted by many of the world’s leading companies, including 30 of the Fortune 100, to protect their highest value information assets, infrastructure and applications.
CyberArk is listed on NASDAQ as CYBR.