Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.</li>
<li>The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  </li>
<li>Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  </li>
</ul>


Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  


Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

US IPOs and Secondary Offerings, IPO Boutique

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<ul>
<li>The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd. </li>
<li>. As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.</li>
<li>The company's revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024. </li>
</ul>


The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd. 
. As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
The company's revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024. 


Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Nile hit $7.5M in ARR at the end of 2023, with approximately 75 customers paying between $25K to $300K annually.</li><li>The company tripled its customer base between September 2022 and August 2023, suggesting strong growth albeit from a small base.</li><li>Nile was valued at $750M in its Series C round completed in July 2023, which raised $175M.</li></ul>

Sacra estimates Nile hit $7.5M in ARR at the end of 2023, with approximately 75 customers paying between $25K to $300K annually.The company tripled its customer base between September 2022 and August 2023, suggesting strong growth albeit from a small base.Nile was valued at $750M in its Series C round completed in July 2023, which raised $175M.

<ul><li>In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.</li><li>As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).</li><li>The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.</li></ul>

In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.

United States

Netskope, Inc. provides cloud security platform. The Company offers network transformation, security modernization, and framework solutions in the sector of financial services and insurance, legal, education, manufacturing, and public sectors. Netskope serves customers worldwide.

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Netskope (NTSK US)

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

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Network-as-a-service with hardware included for offices and college campuses

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Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm

​Cloud-native cybersecurity platform company files for IPO after significant growth in customers and revenue. They are likely to go public in...

IPO Boutique

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Primer: Nile - 14 Dec 2024

Network-as-a-service with hardware included for offices and college campuses

Sacra

Valimail At $30M ARR

TL;DR: Sacra estimates that Valimail will hit $30M annualized recurring revenue (ARR) in 2024, up 43% YoY, re-accelerating as Google, Yahoo and...

Sacra

Cloud-native cybersecurity platform company files for IPO after significant growth in customers and revenue. They are likely to go public in...

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...