Dell’s SecureWorks seeks to be first tech IPO of 2016

A Dell-owned cybersecurity company is reportedly looking to break the ice that has frozen over the tech IPO market.

SecureWorks, a Georgia-based company owned by Dell’s parent Denali Holding, plans to launch its initial public offering this month, The Wall Street Journal reported. If it does, the company would be the first mainstream tech company to do so this year.

So far the year’s IPO record has been discouraging, with just eight healthcare companies pricing offerings that raised $700 million, according to Renaissance Capital. Those numbers haven’t been so low since the 2008 financial crisis.

SecureWorks is seeking a valuation of less than $2 billion, according to The Wall Street Journal. The company has yet to make a profit, and lost $72.4 million last year, the Journal reported.

Photo: In this Tuesday, Aug. 21, 2012, file photo, the sun is reflected in the exterior of Dell’s offices in Santa Clara, Calif. (AP/Paul Sakuma)

 

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