Netskope headquarters in Santa Clara, California, USA
– Getty Images

Security vendor Netskope is looking to bring in more than $800 million in capital from its upcoming IPO.

Having filed to go public late last month, the Santa Clara, California-based firm confirmed this week it would be offering 47.8 million shares, with the initial public offering price set between $15 to $17 per share.

The company has also granted underwriters a 30-day option to purchase an additional 7.17 million shares to cover overallotments, which could bring total proceeds to as much as $935 million.

Netskope kicked off a “roadshow” ahead of its proposed Nasdaq listing, meaning it’ll start to pitch to institutional investors over the next few weeks.

Financial heavyweights Morgan Stanley and J.P. Morgan have been brought to support the IPO, which, according to reports, had been on the cards since the summer. The $800 million Netskope is hoping to raise is some $300 million more than it was looking for back in May.

Netskope is looking to buck the trend of cybersecurity firms avoiding the IPO route.

Rubrik’s offering last year saw it among just a handful of cybersecurity firms to have gone public in recent years, joining SentinelOne, Sophos, and SailPoint. Rivals like Wiz, Nozomi Networks, and CyberArk have instead opted for being acquired by big names like Google, Mitsubishi Electric, and Palo Alto Networks, respectively.

Founded in 2012, Netskope offers cloud-based security software that unifies networking and cybersecurity, allowing its customers to secure data and apps whether they’re on-premises, remote, or in the cloud.

The firm recently received top billing alongside the likes of Palo Alto Networks and Zscaler in Gartner’s latest ranking of security service edge (SSE) vendors.

The firm has a long-enjoyed reputation among the upper echelons of Gartner’s Magic Quadrant for SSE, with its One SSE platform singled out for praise, alongside the company’s “strong technical capabilities” and robust brand awareness among enterprises.

The vendor was, however, docked for its focus on large customers, as well as limited control console language support, and relatively slow pace toward introducing new innovations.

Netskope also achieved “leader” status on Gartner’s recent secure access service edge (SASE) rankings, with the vendor lauded for its product strategy and AI innovations.