Dell’s cybersecurity unit, SecureWorks, is finally going public in an important test of investor appetite for newly public tech companies amid a cooling market.
The company priced shares on Thursday for its initial public offering at $14, according to Reuters, below the $15.50 and $17.50 it said it had expected. The pricing involved 8 million shares, fewer than the 9 million originally targeted, the news service reported.
The company, which raised $112 million with the sale, according to Reuters, plans to trade its shares on NASDAQ starting on Friday under the ticker SCWX.
After the SecureWorks goes public, Dell’s parent, Denali Holding, will own over 50% of SecureWorks.
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SecureWorks first filed to go public in December after months of rumors that Dell was looking to spin the company from its portfolio of technology businesses. It said in an April regulatory filing that the money would not be used to pay down some of the debt relating to Dell’s ongoing $67 billion acquisition of business technology giant EMC (EMC).
Dell bought SecureWorks for $612 million in 2011.
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SecureWorks’s IPO is the first for a technology company in 2016. Technology companies have avoided going public partly due to a harsh economy and numerous so-called unicorn startups with valuations of over $1 billion that are choosing to stay private.
Unlike other high-profile cybersecurity startups like Tanium and Illumio, SecureWorks is a more mature company, having been in business since 1999.
SecureWorks brought in $339.5 million in total sales for its fiscal year of 2016, which is a 30% increase from the $262.1 million it brought in the previous year, according to a regulatory filing.
For its fiscal year of 2016, SecureWorks’ net losses were $72.4 million, which is an 88% increase from the $38.5 million SecureWorks saw in net losses in 2015.
Update (April 21, 8:45 pm): Amount of money raised by SecureWorks was corrected based on new information from Reuters.
