KKR-backed ForgeRock targets over $1.9 billion valuation in U.S. IPO

(Reuters) - 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 $1.9 billion in a U.S. initial public offering (IPO).

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

11-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 $84.8 million from $$55.4 million a year earlier. It posted a net loss of $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 J.P. Morgan are the lead underwriters for the offering. ForgeRock will list on the New York Stock Exchange under the ticker symbol “FORG.”

Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni