KKR-backed ForgeRock valued at nearly $3 bln in NYSE debut as shares jump (updated)

ForgeRock

16/09/2021 16:32

(Adds IPO details, background)
    Sept 16 (Reuters) - Shares of ForgeRock Inc  FORG.N  jumped
40% in their New York Stock Exchange debut on Thursday, giving
the digital identity management company a valuation of about
$2.8 billion. 
    Shares of the company, which is backed by an affiliate of
private equity firm KKR & Co  KKR.N , opened at $35, compared
with their initial public offering price of $25 per share. 
    Increased cybersecurity attacks on businesses during the
pandemic has pushed up demand for digital security measures,
helping drive growth for companies engaged in making tools and
software against such threats.
    ForgeRock reported a 53% jump in revenue for the six months
to June 30, but posted a net loss of $20.1 million for the
period.
    The San Francisco-based company provides identity and access
management solutions for consumers, workforce and internet of
things devices.
    It has more than 1,300 customers, including Standard
Chartered Plc  STAN.L , Maersk  MAERSKb.CO , Philips  PHG.AS 
and Toyota Motor Corp  7203.T .
    ForgeRock sold 11 million shares in IPO, raising about $275
million. Its IPO was priced above its earlier targeted price
range of $21 and $24 per share.
    ForgeRock also counts tech-focused private equity firm
Riverwood Capital and venture capital firms Accel Partners,
Meritech Capital Partners and Foundation Capital among its
investors. 
    Morgan Stanley and J.P. Morgan were the lead underwriters
for the offering.

 (Reporting by Sohini Podder in Bengaluru; Editing by Shinjini
Ganguli)
 ((Sohini.Podder@thomsonreuters.com;))