Clearwater cybersecurity training firm KnowBe4 has closed the window on its initial public offering on the Nasdaq, with sales pulling in about $175 million.
The company made 9 million shares available at $16 per share in the offering, known as an IPO, which accounted for $144 million. Another 500,000 shares were sold by select stockholders, pulling in $8 million.
KnowBe4 also allowed underwriters to purchase 1.475 million shares at the IPO price, which resulted in another $22.8 million.
According to a prospectus filed with the U.S. Securities and Exchange Commission, selling all IPO shares at $16 per share would result in proceeds of about $156 million for KnowBe4, before expenses. That would eclipse its total expenses for 2020.
The company, which employs 1,000 people — more than 800 at its headquarters in downtown Clearwater — has 37,000 clients around the world, who hire it to train employees to recognize and combat tech scams such as phishing. KnowBe4 has seen exponential growth in revenue over the past decade, though its net earnings have yet to follow suit. Last year, the company pulled in $174.9 million, but had a net loss of $2.4 million.
KnowBe4 stock shot up from $16 after its launch, trading for no less than $21 per share since early Thursday. Both Barron’s and Reuters called the stock’s early performance “strong.” Shares of KnowBe4 (KNBE) were trading for about $23 on Monday.