Posted on Apr 22, 2016 in Press
SecureWorks is the first initial public stock 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.
In its first day of trading on Friday, shares of SecureWorks, a digital security company, have been hovering near the $14 price it set the night before. The stock opened on the Nasdaq market at $13.89.
SecureWorks raised $112 million, selling eight million shares. It had been marketing nine million shares within the range of $15.50 to $17.50, indicating that demand was weaker than expected.
The I.P.O. price yields a valuation of $1.1 billion, which is almost double the roughly $600 million Dell paid for the company in 2011, according to Triton Research, which provides information on private companies.
Read full article at nytimes.com
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