Dell-Owned SecureWorks to IPO This Month

SecureWorks, the computer security firm owned by computing giant Dell is on track for an IPO sometime this month, sources familiar with the plan say, with a road show expected in about two weeks.

Dell corporate parent Denali Holding updated its regulatory filings last month showing a loss of $72.4 million on revenue of $340 million for the fiscal year ended Jan. 29.

The offering would be the first tech IPO of the year, and the first significant once since Square, Match and Atlassian debuted in the final two months of 2015. Nutanix, a data storage equipment company, filed for an IPO in December but has since paused its plan.

The plan calls for Dell to float about 20 percent of SecureWorks’ shares on the Nasdaq and to retain an 80 percent ownership stake, similar to EMC’s controlling stake in the software company VMware. Dell is currently in the process of buying out EMC in a deal worth more than $50 billion. The ticker symbol will be SCWX.

Dell acquired SecureWorks in 2011 for $612 million. It is said to be seeking a $2 billion market valuation with the IPO. Sources say SecureWorks expects to raise between $100 million and $150 million.

The Wall Street Journal first reported on the anticipated timing of the IPO.

This article originally appeared on Recode.net.

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