 |
 |
 |
 |
 |
 |
 |
The first tech IPO of the year already looks like a bummer
Secure Works, the cybersecurity firm owned by Dell, is expected to IPO onFriday, but at a much lower price than was initially expected.
According to Dow Jones, Secure Works is pricing its initial public offering at $14 a share, below the range of $15.50 to $17.50 it had hoped to fetch in its filings two weeks ago.
That's a hugedisappointment to theoveralltechindustry, whichhasbeencloselywatchingSecureWorks' IPO process. Therehasn'tbeen a singletechcompanythat'sgonepublicthisyear, largelybecause of investors'waningenthusiasmformoney-losingcompanies, andSecureWorks'disappointing IPO couldserveas a bellwether of things to comefortherest of theyear.
SecureWorksgenerated $339.5 millioninrevenuelastyear, upfrom $262.1 milliontheyearbefore. Butthatcameat a netloss of $72.3 million, despitehavinggrossprofit of $155.7 millionlastyear.
At $14 pershare, SecureWorkswouldhaveroughly a $1.13 billionmarketcap.
SecureWorksmakescybersecuritysoftwarethathelpscompanies monitortheir IT infrastructure to protectagainsthackersandmalware. It isalmostentirelyownedbyDell, whichboughtit for $612 millionin 2011.
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
