SecureWorks Corp., the cybersecurity company owned by Dell Inc., filed for an initial public offering.
The company filed with an initial size of $100 million, which is a placeholder amount used to calculate fees that will probably change. SecureWorks plans to sell its Class A common stock to the public, while Dell’s holding company, Denali Holding Inc. will indirectly own its Class B stock, according to a filing with the U.S. Securities and Exchange Commission Thursday.
SecureWorks’s plan to go public comes after its parent company, Dell, agreed to buy EMC Corp. for about $67 billion in the largest technology acquisition ever. Proceeds from the cybersecurity firm’s IPO will be used for working capital and other purposes like developing new technologies and acquisitions, the filing said.
In the nine months ending in October, SecureWorks posted a net loss of $57.5 million -- almost twice as much as it lost in the same period a year earlier -- on sales of $245.4 million. In the last fiscal year, which ended Jan. 30, the company reported revenue of $262.1 million and a net loss of $38.5 million.
Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the offering. The company plans to list on the Nasdaq Global Select Market under the ticker “SCWX.”