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Sophos IPO Values UK Security Firm At £1bn

Steve McCaskill is editor of TechWeekEurope and ChannelBiz. He joined as a reporter in 2011 and covers all areas of IT, with a particular interest in telecommunications, mobile and networking, along with sports technology.

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Sophos will offer 34.8 percent of the company for 225p a share when it floats on July 1

Sophos intends to raise just under £80m during its initial public offering (IPO) next month, giving the UK security firm a market valuation of £1.013bn.

The company is making 34.8 percent of its shares up for grabs at 225p a pop, meaning it will exceed the initial target of £65m it hoped to raise when it announced its flotation earlier this month.

The proceeds from the IPO will be used to reduce some of Sophos’ debt and to fund future growth.

Sophos IPO

penny_for_london_station“Today marks a significant milestone for all of us at Sophos. We are proud to be part of Britain’s growing tech economy as a listed business and a leading global provider in the cyber security sector,” said CEO Kris Hagerman.

“Working with our 15,000 channel partners worldwide, we look forward to the next stage of our development as a public company – and to continuing to deliver ‘complete IT security made simple’ for enterprises of any size.”

The IPO is one of the biggest by a tech company in the UK for a number of years. Sophos had intended to float in 2007, but abandoned plans due to the credit crunch, and a second attempt was aborted in 2009 when a majority stake was sold to private equity group Apax Partners.

Sophos will join a handful of UK tech startups valued at more than £1bn and become one of the country’s largest publicly listed technology firms.

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