ForgeRock Inc., the San Francisco-headquartered American multinational identity and access management software company founded back in February 2010, jumped as much as 40 per cent at its NYSE debut on Thursday, valuing the digital ID management software start-up at more than $2.8 billion.
In point of fact, ForgeRock Inc.’s stellar NYSE debut came forth at a time, when the US IPO (Initial Public Offerings) market had been chartering at its strongest in more than half a decade with investors showing strong appetite for newer tech stocks.
Nevertheless, in the latest vindication of a vivid illustration of market participants’ strong appetite for newer tech stocks, ForgeRock shares had opened up the day at $35 apiece, more than 40 per cent higher than its IPO price tag of $25 apiece that sold off 11 million ADSs (American Depository Shares), raising as many as $275 million, while ForgeRock Inc’s IPO was priced well above its target range between $21 to $24 per share.
Digital ID software company ForgeRock valued over $2.8bn in NYSE debut
If truth is to be told, a malevolent wave of cyberattacks on businesses across the globe during a pandemic-induced lull in activities, had picked up demands of digital security solution providers like of ForgeRock which offers software and toolkits against cyberthreats.
According to ForgeRock Inc.’s IPO filing with US SEC (Securities and Exchange Commission), the company had reported an $84.8 million in revenues over the first half of 2021 that ended on June 30, marking up a 53 per cent rise on a year-on-year basis, while more than 96 per cent of its entire revenues, nearly a half of which is generated outside the US, came from subscribers.