Dell's SecureWorks Aims to Raise Up to $158M in Public Listingby
SecureWorks Corp., the cybersecurity company owned by Dell Inc., aims to raise as much as $157.5 million in its initial public offering.
The company is marketing 9 million shares at a range of $15.50 to $17.50 apiece, according to its updated prospectus. 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.
SecureWorks’s plan to go public comes after its parent company, Dell, agreed to buy EMC Corp. last year for about $67 billion in the largest technology acquisition ever.
Atlanta-based SecureWorks will be one of the few non-health-industry companies to test the IPO markets in what’s been a slow year for public offerings. Bats Global Markets Inc. is currently in the midst of its roadshow and plans to begin trading on Friday.
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.”