Sophos takes first steps to £1bn IPO

Conditional trading kicked off this morning

Sophos has hailed today as a "significant milestone" for the company as conditional training of its shares on the London Stock Exchange began this morning.

The vendor unveiled plans to IPO earlier this month and this morning it announced the successful pricing of the offer at 225 pence per share. The company was valued at £1bn when conditional dealings in shares started this morning.

Unconditional dealings in shares will begin next week on 1 July.

Sophos' chief executive Kris Hagerman said today was a landmark for the company.

"Today marks a significant milestone for all of us at Sophos," he said. "We are proud to be part of Britain's growing tech economy as a listed business and a leading global provider in the cyber-security sector.

"Working with our 15,000 channel partners worldwide, we look forward to the next stage of our development as a public company – and to continuing to deliver complete IT security made simple for enterprises of any size."