Summary
The company is providing a new category of cybersecurity called Cyber Exposure.
Tenable expects to sell 9.2 million shares at a maximum price of $19, which seems low as compared to other competitors.
The revenues are growing at a high pace of 50.9% y/y, which is larger than that of competitors.
Providing innovative cybersecurity services to 24,000 customers including 53% of the Fortune 500, Tenable (TENB) will become a must-follow stock right after the IPO. With a market opportunity, which is expected to be equal to $5.8 billion in 2021, and growing revenues at 50.9% y/y, $19 or 5.7x forward sales seems a low valuation for the company. Bear in mind that other competitors are trading at 11.22x
Source: Prospectus
Business Overview
Implementation of modern solutions, like the Internet of Things, is creating less visibility and control over the security of company’s assets. With that, as IT complexity and cybersecurity risk are increasing, the organizations need new technologies to protect their IT infrastructure.
Tenable provides a completely new type of cybersecurity services based on the concept of Cyber Exposure to help companies adapt to this new environment. The concept is explained with the following words in the prospectus:
