London: British cyber security firm Darktrace came under investor scrutiny Wednesday over dramatic share price gyrations since its headline-grabbing London stock market float.
Darktrace, based in the English university city of Cambridge, held its annual general meeting amid growing unease over the stock.
The company, which uses cutting-edge artificial intelligence (AI) technology to combat cyber attacks, arrived on the London stock market in April.
The initial public offering launched at 250 pence per share, valuing Darktrace at £1.7 billion ($2.3 billion, 2.0 billion euros).
Shares then vaulted higher in subsequent weeks and months to hit a peak of almost 1,000 pence in September.
Darktrace also joined London’s prestigious FTSE 100 index of top companies last month.
But shares then tanked after brokerage Peel Hunt questioned its valuation and technology.
In Wednesday afternoon trade, shares sank 3.25 percent to 482.60 pence, valuing Darktrace at £3.4 billion.
However, that was still around double the company’s launch price and initial value.
Darktrace nevertheless now faces potential…
