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Tenable’s shares soar on first day of trading

Amit Yoran (submitted photo)

Amit Yoran (submitted photo)

Investors snatched up shares of Tenable on the Columbia cybersecurity firm’s opening day of trading, driving up the price from $23 to $30.25.

The company expects to raise a maximum of $275 million from the sale of almost 11 million shares of common stock on Nasdaq. The firm is listed under the symbol TENB.

The company first made its intention to have an initial public offering known last month, though details about share price and how many shares would be made available were unknown at the time.

Tenable co-founder Ron Gula left the firm in 2016 but remains the largest individual shareholder of the company, the filing revealed, with 11.5 percent of the shares. The top two shareholders are Insight Venture Partners and Accel, with 35.3 and 34.4 percent of the firm, respectively.

After the offering goes public, Gula will have 10.1 percent of shares. Insight and Accel will own 33.1 and 30.3, respectively.

Gula has since founded Gula Tech Adventures, a cybersecurity investment fund based in Maryland.

Amit Y. Yoran took over as Tenable’s CEO when Gula left. He will own 2.9 percent of Tenable stock after the offering.

Tenable says it is the first and only cybersecurity firm working in the area of cyber exposure, measuring and managing clients’ risk in the cyberspace.

“We are building on our deep technology expertise in the traditional vulnerability assessment and management market and expanding that market to include modern attack surfaces and provide analytics that translate vulnerability data into business insight,” the firm said in its S-1 registration filing with the Securities and Exchange Commission.

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