BlackBerry’s Spinoff Should Bring Relief to Toronto’s IPO Market
- RBC sees Internet of Things business fetching $1.7 billion
- Move comes as US prepares for spinoffs by Kellogg and Intel
BlackBerry Network Operations Center in Waterloo, Canada.
Source: Blackberry Ltd
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There may be some relief in sight for Canada’s beleaguered IPO market: BlackBerry Ltd.’s spinoff its Internet of Things business.
The cellphone giant turned security software provider said Wednesday it’s planning initial public offering of the unit in the first half its next fiscal year, which begins in March. The decision followed a monthslong strategic review that had Wall Street speculating whether BlackBerry would split its segments, sell parts of the business or the whole company, whose market value stood at around $2.5 billion before the announcement.