Maryland cybersecurity firm Tenable jumps 48 percent in its IPO

WASHINGTON — Columbia, Maryland-based cybersecurity company Tenable raised $250 million in its initial public stock offering Thursday and its stock jumped as much as 48 percent its first day of trading.

Tenable, which trades on the Nasdaq under the ticker symbol “TENB,” sold 10.9 million shares at $23 a piece, raising $250 million in its public stock offering. The company boosted both the number of shares it would sell and the per share price on strong investor demand.

Tenable traded as high as $33.89 per share after trading began. It was trading at $31.60 per share in mid-day trading.

Tenable, founded in 2002, has 24,000 customers worldwide, including 53 percent of the Fortune 500.

Its subscription services, both application and cloud-based, help companies identify and reduce cybersecurity risks. Its customers are largely in the finance, health care, retail, energy and educational sectors.

Cybersecurity is a hot sector with investors right now.

Redwood City, California-based risk and compliance management company Qualys Inc. has seen its stock gain 62 percent this year. Boston-based Rapid7 Inc., whose software helps companies detect and reduce threat exposure, is up 68 percent this year.

More such public offerings may be coming.

CNBC reports cybersecurity firms Crowdstrike and Tanium are planning initial public offerings.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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