Home Technology Crowdstrike pops nearly 90% in debut, now worth over $12 billion

Crowdstrike pops nearly 90% in debut, now worth over $12 billion

George Kurtz

Heidi Petty | CNBC

CrowdStrike rocketed 90% in its first day of trading on the public market on Wednesday. The security software vendor opened trading at $63.50 after it priced its IPO at $34 a share, above the high end of its expected range of $28 to $30 per share.

The pop roughly doubled the company’s market value from more than $6 billion at its IPO price to more than $12 billion during morning trading.

Crowdstrike, trading on the Nasdaq under ticker symbol “CRWD,” joins a rapidly growing 2019 IPO class, which already includes Uber, Lyft and Pinterest. In the business software market, CrowdStrike follows the debuts of Zoom and PagerDuty and comes just a head of Slack’s direct listing.

CrowdStrike, whose cloud-based technology is used to detect and prevent breaches, recorded a net loss of $140 million for the year ended Jan. 31, while revenue more than doubled to $249.8 million, according to the company’s prospectus. In its last private round in June, the company was valued at $3 billion.

The company counts Credit Suisse, Tribune Media and Amazon Web Services among its customers.

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