diff --git a/CHANGES b/CHANGES
index db376385e4..a9aa780088 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,4 +1,10 @@
 
+3.2.0-dev.466 | 2020-05-04 17:50:14 -0700
+
+  * Add network_time_init() event. (Jan Grashoefer)
+
+    This event is generated upon first initialization of network_time.
+
 3.2.0-dev.461 | 2020-05-04 17:08:46 -0700
 
   * Avoid scheduling multiple inactivity timers (Justin Azoff and Jon Siwek, Corelight)
diff --git a/VERSION b/VERSION
index 2cbfa37a31..6abf7aa3ab 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-3.2.0-dev.461
+3.2.0-dev.466
diff --git a/doc b/doc
index e862aa7a89..c5a1ae5793 160000
--- a/doc
+++ b/doc
@@ -1 +1 @@
-Subproject commit e862aa7a89c044e7eea96671d9b832a5dfccbf56
+Subproject commit c5a1ae5793b46d65ee3ba9b269a7fc899490734b
diff --git a/src/Net.cc b/src/Net.cc
index 1334aacd44..faac9e569a 100644
--- a/src/Net.cc
+++ b/src/Net.cc
@@ -223,8 +223,13 @@ void expire_timers(iosource::PktSrc* src_ps)
 void net_packet_dispatch(double t, const Packet* pkt, iosource::PktSrc* src_ps)
 	{
 	if ( ! bro_start_network_time )
+		{
 		bro_start_network_time = t;
 
+		if ( network_time_init )
+			mgr.Enqueue(network_time_init, zeek::Args{});
+		}
+
 	// network_time never goes back.
 	net_update_time(timer_mgr->Time() < t ? t : timer_mgr->Time());
 
diff --git a/src/event.bif b/src/event.bif
index 8927aefa2c..e894d2f5e3 100644
--- a/src/event.bif
+++ b/src/event.bif
@@ -35,7 +35,7 @@
 ## one-time initialization code at startup. At the time a handler runs, Zeek will
 ## have executed any global initializations and statements.
 ##
-## .. zeek:see:: zeek_done
+## .. zeek:see:: zeek_done network_time_init
 ##
 ## .. note::
 ##
@@ -61,6 +61,14 @@ event zeek_init%(%);
 ##    is not generated.
 event zeek_done%(%);
 
+## Generated when network time is initialized. The event engine generates this
+## event after the network time has been determined but before processing of
+## packets is started.
+##
+## .. zeek:see:: zeek_init network_time
+##
+event network_time_init%(%);
+
 ## Generated for every new connection. This event is raised with the first
 ## packet of a previously unknown connection. Zeek uses a flow-based definition
 ## of "connection" here that includes not only TCP sessions but also UDP and
diff --git a/testing/btest/Baseline/core.network-time/output b/testing/btest/Baseline/core.network-time/output
new file mode 100644
index 0000000000..dfbf750f31
--- /dev/null
+++ b/testing/btest/Baseline/core.network-time/output
@@ -0,0 +1,8 @@
+zeek_init:               1970-01-01-00:00:00.000000000
+scheduled_event:         2011-03-18-19:06:07.096534967
+network_time_init:       2011-03-18-19:06:07.096534967
+Processing packet  25 at 2011-03-18-19:06:08.858649015
+Processing packet  50 at 2011-03-18-19:06:08.915958881
+Processing packet  75 at 2011-03-18-19:06:08.976326942
+Processing packet  100 at 2011-03-18-19:06:09.073806047
+scheduled_delayed_event: 2011-03-18-19:06:09.073806047
diff --git a/testing/btest/core/network-time.zeek b/testing/btest/core/network-time.zeek
new file mode 100644
index 0000000000..0b786f69d7
--- /dev/null
+++ b/testing/btest/core/network-time.zeek
@@ -0,0 +1,54 @@
+# @TEST-EXEC: zeek -b -C -r $TRACES/wikipedia.trace %INPUT > output
+# @TEST-EXEC: btest-diff output
+
+redef exit_only_after_terminate = T;
+
+global sde_init: bool = F;
+
+event scheduled_delayed_event()
+	{
+	if ( ! sde_init )
+		{
+		# When network_time is set we (usually) leap forward and the event
+		# fires with the first packet. Thus, we reschedule.
+		sde_init = T;
+		schedule 2sec { scheduled_delayed_event() };
+		}
+	else
+		{
+		print fmt("scheduled_delayed_event: %T", network_time());
+		}
+	}
+
+event scheduled_event()
+	{
+	# This event is immediately executed
+	print fmt("scheduled_event:         %T", network_time());
+	}
+
+event zeek_init()
+	{
+	# Reading a PCAP network_time is not initialized yet
+	print fmt("zeek_init:               %T", network_time());
+	schedule 0sec { scheduled_event() };
+	schedule 2sec { scheduled_delayed_event() };
+	}
+
+event network_time_init()
+	{
+	# This event is executed when network_time is initialized
+	print fmt("network_time_init:       %T", network_time());
+	}
+
+global pkt_count: count = 0;
+
+event new_packet(c: connection, p: pkt_hdr) &priority=10
+	{
+	pkt_count += 1;
+
+	if ( pkt_count % 25 == 0 )
+		print fmt("Processing packet  %s at %T", pkt_count, network_time());
+
+	if ( pkt_count == 100)
+		terminate();
+	}