Reuters

(Reuters)

Dell's SecureWorks Unit Valued at up to $1.42B in IPO

Industries Reuters

Dell's cyber security unit, SecureWorks, said its initial public offering was expected to be priced at $15.50-$17.50 per share, valuing the company at up to $1.42 billion.

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The Atlanta, Georgia-based company said on Monday that its offering of 9 million Class A shares could raise as much as $157.5 million.

The Wall Street Journal first reported in October that Dell, the third-largest personal computer maker, had filed confidentially for listing SecureWorks, which it bought for $612 million in 2011.

Founded in 1999, SecureWorks has 4,200 clients in 59 countries.

The company said it planned to list its Class A common stock on the Nasdaq under the symbol "SCWX."

SecureWorks joins several cyber security firms looking to tap the capital markets as investor interest in them grows after a spate of cyber attacks on big companies including banks and retailers.

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Rapid7 and Mimecast had successful listings last year, but their share prices have slipped below the IPO price since then.

Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs & Co and JP Morgan are among the underwriters for SecureWorks' IPO.

(Reporting by Sruthi Shankar and Anya George Tharakan in Bengaluru; Editing by Kirti Pandey)