KKR-backed ForgeRock targets over US$1.9 billion valuation in US IPO

KKR-backed ForgeRock targets over US$1.9 billion valuation in US IPO
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BENGALURU (Sept 7): ForgeRock Inc, a digital identity management company backed by an affiliate of private equity firm KKR & Co, is aiming for a valuation of more than US$1.9 billion in a US initial public offering (IPO).

The company plans to raise up to US$264 million through the IPO, it said in a regulatory filing on Tuesday. It intends to sell 11 million shares, priced between US$21 and US$24 per share.

Eleven-year-old ForgeRock provides identity and access management solutions for consumers, workforce, and internet-of-things devices to more than 1,300 customers, including Standard Chartered plc, Maersk, Philips, and Toyota Motor Corp.

A rise in cybersecurity attacks on businesses during the pandemic has pushed up demand for digital security measures, helping drive growth for companies such as ForgeRock.

In the six months to June 30, ForgeRock's revenue rose to US$84.8 million from US$$55.4 million a year earlier. It posted a net loss of US$20.1 million in the period.

The San Francisco-based company's investors also include venture capital firms Accel Partners, Meritech Capital Partners, and Foundation Capital, as well as tech-focused private equity firm Riverwood Capital.

Morgan Stanley and JPMorgan are the lead underwriters for the offering. ForgeRock will list on the New York Stock Exchange under the ticker symbol "FORG".