July 17, 2015
With high-profile data breaches becoming the norm, it is a good time to own a cybersecurity firm.
At least that is the logic Rapid 7 Inc. seems to be capitalizing on. The company priced its initial public offering Thursday night at $16 per share, above expectations. Shares of Rapid 7 jumped 54% in their market debut on Friday, reaching $24.66 in afternoon trading.
Based on the trading, Rapid 7’s market cap stood at $938.58 million. That compares to fellow cybersecurity firm Qualys Inc.’s market capitalization of $1.25 billion.
Rapid 7 Inc. develops and sells licensed software and cloud-based software services to businesses to protect them against security attacks.