SecureWorks Stock Flat in Trading Debut After Reduced IPO
SecureWorks Corp., the cybersecurity company owned by Dell Inc., closed unchanged in its its trading debut after selling fewer shares than originally marketed in its initial public offering at a price below the marketed range.
The share sale marks the first U.S. technology IPO of the year. Across industries, only 12 companies had gone public in 2016 before the SecureWorks offering, excluding special purpose acquisition companies, closed-end funds and real estate investment trusts, according to data compiled by Bloomberg. That’s the slowest pace since the financial crisis.
The SecureWorks IPO won’t necessarily spark a crop of listings from Silicon Valley’s so-called unicorns — the tech startups valued at more than $1 billion that typically raise million of dollars from venture capitalists. That’s because SecureWorks is a more mature, slow-growth company that doesn’t fit the profile of the attention-grabbing startups, according to Kaylan Tildsley, a partner at Triton Research.Read full article at bloomberg.com