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Dell's Cyber Security Unit SecureWorks Files for IPO

Dell's Cyber-Security Unit SecureWorks Files for IPO

By Reuters | Updated: 18 December 2015 12:31 IST

Dell Inc's cyber-security unit SecureWorks Corp filed for an initial public offering with US regulators on Thursday.

SecureWorks named Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs & Co and JPMorgan among the underwriters to the IPO, according to a preliminary prospectus filed with the US Securities and Exchange Commission.

The Atlanta, Georgia-based company said it intends to list its Class A common stock on the Nasdaq under the symbol "SCWX."

The Wall Street Journal first reported in October that Dell, the third-largest personal computer maker, had filed confidentially for an initial public offering of the software and consulting firm acquired by Dell in 2011.

SecureWorks could be worth as much as $2 billion (roughly Rs. 13,298 crores), though the target valuation was not finalized, sources had told the Wall Street Journal.

Dell agreed to buy data storage company EMC for $67 billion in October to diversify from a stagnant consumer PC market and give it greater scale in the more profitable and faster-growing market for cloud-based data services.

The filing did not reveal how many shares were planned for sale in the IPO or their expected price. The company set a nominal fundraising target of $100 million (roughly Rs. 664 crores).

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

© Thomson Reuters 2015

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