Saturday , September 18 2021

Overall Atlantic support Riskified valued at $ 4.3 billion in NYSE debut

July 29 (Reuters) – Riskified Ltd (RSKD.N), an online risk management platform supported by a subsidiary of growth-equity investor General Atlantic, has listed a valuation of $ 4.3 billion after its shares increased as 28% jumped in their debut on the stock market Thursday.

Shares opened at $ 27, compared to Riskified’s Initified Public Offer (IPO) price of $ 21 per share which helped raise $ 367.5 million.

The company, founded by Eido Gal and Assaf Feldman in 2013 to solve online payment fraud, sold 17.5 million shares in the IPO, of which existing shareholders offered about 200,000 shares.

Riskified aims to reduce online fraud risks for e-commerce businesses and has built a machine-learning platform that minimizes payment risk.

“We are opening offices in Australia, Shanghai, London, Mexico and Brazil, so there is a lot of opportunity worldwide,” Chief Executive Officer Eido Gal told Reuters.

The Tel Aviv, Israel-based company recorded a 30% increase in revenue to $ 169.7 million for the year ended December 31, 2020, a recent regulatory filing showed. However, it made a loss of $ 11.3 million in the same period.

Goldman Sachs, JP Morgan and Credit Suisse were the leading underwriters for the offer.

Reporting by Sohini Podder and Niket Nishant in Bengaluru; Edited by Shailesh Kuber

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