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Highlights
- Cybersecurity firm ForgeRock is planning to debut on the NYSE.
- ForgeRock IPO comes at a time when the demand for cybersecurity services is expanding.
- In April 2020, ForgeRock had secured US$ 93.5 million, and the round was led by private equity firm Riverwood Capital.
Software company ForgeRock is pursuing a public debut this year. The move comes amid a revenue surge and a rapidly expanding channel program.
According to reports, the San Francisco-based firm is hoping to raise up to US$ 100 million in gross proceeds and list its shares on the New York Stock Exchange (NYSE).
The initial public offering (IPO) plans come after the company’s funding round in April 2020. In a Series E funding round, ForgeRock had secured US$ 93.5 million, and the round was led by private equity firm Riverwood Capital.
ForgeRock IPO plans
In Form S-1 filed with the US Securities and Exchange Commission (SEC), ForgeRock has claimed that its strategic global partners help the company in lead generation and provides a global network of trained implementation professionals.
As per the documents filed with the SEC, ForgeRock has declared that its revenues increase to US$ 127.6 million in 2020, compared to US$ 104.5 million in 2019. The cybersecurity firm's losses are also shrinking as for the six months ended June 30, 2021, the net loss was US$ 20.1 million, down from US$ 35.95 million in the same comparable period of 2020.
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As of June 30, ForgeRock had an annualized recurring revenue of US$ 155 million, reflecting a year-over-year (YoY) growth rate of 30 per cent.
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ForgeRock has not declared the price range of its Class A common stock, but it plans to trade under the ticker symbol 'FORG. The company could be valued at around US$ 4 billion at the time of IPO and that would be more than the US $730 million valuation that PitchBook had suggested for ForgeRock after its last funding round.
J.P. Morgan Chase & Co. and Morgan Stanley will be taking the underwriting responsibility for the IPO and interested investors will have to contact a stockbroker or set up a trading account that could offer pre-IPO shares of ForgeRock.
Bottomline
Cybersecurity is increasingly becoming an important element in today's modern age. Over the past few years, the world has witnessed massive cyber-attacks and governments and private organizations are stepping up their efforts to combat such attacks.
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ForgeRock’s platform enables users to access the online world through digital identity. It ensures that a person accessing the service is exactly who they claim to be. The company's list of customers includes big players like BMW, BBC, and MAERSK.
