Newspaper article International New York Times

Cybersecurity Firm Holds Year's First Tech I.P.O

Newspaper article International New York Times

Cybersecurity Firm Holds Year's First Tech I.P.O

Article excerpt

The initial public offering ends a long drought of technology stocks coming to market.

SecureWorks is the first initial public offering of the technology industry this year. That may be the extent of the victory lap for the tech I.P.O. market, at least for now.

For one thing, SecureWorks, a cybersecurity company, has little in common with so-called unicorns -- those private, venture-backed start-ups with valuations above $1 billion that have been avoiding the public markets. SecureWorks is 17 years old, based in Georgia and owned by Dell.

SecureWorks raised $112 million, selling eight million shares for $14 apiece, according to a statement from the company. That is below the nine million shares within the range of $15.50 to $17.50 that it had been marketing to investors, indicating that demand was weaker than expected.

Trading among already public security stocks did not help SecureWorks's deal. …

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