ForgeRock aims for $1.9B valuation in US IPO
ForgeRock has recently announced it is aiming for a valuation of more than $1.9 billion in its initial public offering (IPO) in the U.S. as the company seeks to capitalize on its growth in the enterprise digital identity and access management space.
The San Francisco-based firm made the announcement in a filing on Tuesday, where it said it intended to raise up to $264 million through the IPO, selling 11 million shares, priced between $21 and $24 per share.
Founded in 2010, ForgeRock has been growing rapidly in the last decade, with the company now reportedly counting over 1300 customers across 50 countries for its digital identity management platform and the biometric authentication tools it provides.
The company first eyed an IPO in 2017, after closing a Series D funding, followed by a $93.5 million Series E funding round last year.
The digital ID service provider then confirmed its intention of filing an IPO last month, when it filed its Form S-1 registration.
According to experts, the substantial growth of ForgeRock and other cybersecurity companies in the last couple of years was boosted by the rise of hybrid work caused by the pandemic.
Following the U.S. IPO, ForgeRock will be listed on the New York Stock Exchange as “FORG.”