backed ForgeRock valued at nearly $3 bln in NYSE debut as shares jump

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Shares of ForgeRock Inc 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, 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.

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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, Maersk, Philips and Toyota Motor Corp.

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)