Boss of UK cyber-security firm Darktrace backs more London tech floats
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The boss of the British cybersecurity company Darktrace is in favor of more IPOs of the London technology company
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The boss of a UK cybersecurity company has said there aren’t enough tech companies in the UK on the list – and she wants to be a ‘flag bearer’ for those who do.
Poppy Gustafsson, CEO of Darktrace, said she has no regrets in taking the company public last April on the London Stock Exchange.
Shares in the Cambridge-based company closed last night at 374.2p, about 50 per cent higher since floating at 250p, but more than 60 per cent lower than last year’s high of 985p.
‘Flag bearer’: Poppy Gustafsson (pictured), chief exec of Darktrace, said she has no regrets taking the company public last April on the London Stock Exchange
Gustafsson said there were “misconceptions” among some companies that they could raise more money by going to the US.
Speaking at the Confederation of British Industry (CBI) annual conference, the 40-year-old said: “We have benefited enormously from being based in the UK.
“I believe the UK has been a great place to establish the company. I feel very supported by the British infrastructure. I wanted to be a flag bearer. I look at the London Stock Exchange and I don’t see enough technology companies there.
“I want to be part of changing and driving that and hopefully more companies will choose to list on the London Stock Exchange. We are now a year and a half later and I would still make the same choice.’
Online used car platform Cazoo and flying taxi company Vertical are among the UK-based companies that have chosen to list in New York in recent years – and have seen their value plummet since their debut.
A planned IPO for leading Cambridge-based chip designer Arm, owned by Japan’s Softbank conglomerate, has been delayed until next year due to lobbying by ministers for the London IPO.
Gustafsson told the Mail: “There’s often the perception that your US market cap would be bigger than the UK,” adding: “I don’t regret it. I would like to see them more [tech firms] listed in the UK?
“Yes, I would, because I see it all the time and there are so many brilliant companies that haven’t quite made their way to the stock market yet. I think if we can encourage more companies to move in that direction, that can only be a good thing.’