Posted on Apr 23, 2016 in Press
For the first time in 2016, Wall Street has finally taken a tech company public — and the deal was a clunker.
SecureWorks, a digital-security firm controlled by Dell, closed at just $14 a share after its initial public offering on the Nasdaq Friday, well short of the $15.50 to $17.50 range the company sought.
It was the latest sign of a dark cloud lingering over the tech sector, as corporate spending on IT falters. Elsewhere Friday, shares of Google and Facebook tanked 5 and 7 percent, respectively, on disappointing earnings.
This year has been among the slowest on record for tech IPOs. By this time in 2015, six tech firms had gone public, according to Thomson Reuters. The edgy market has delayed entries by two other tech firms, Nutanix and Acacia Communications, which filed for IPOs in December and January, respectively.
“The big question is, who’s the first real tech company that wants to raise their hand and go first?” said Rett Wallace of Triton Research, a New York firm that analyses tech IPOs. “Whoever it is, it’s not going to be easy.”
Read full article at nypost.com
