Cybersecurity startup Darktrace’s shares jumped on the London Stock Exchange in conditional dealing, after pricing at an even lower valuation than previously reported.

Shares were set at an offer price of 250p, according to a 30 April filing, equating to a market capitalisation at admission to the City’s main market of £1.7bn. However within the first hour of trading, its share price had risen 40% to 350p.