Dell's SecureWorks files for IPO

The company intends to list its Class A common stock on the NASDAQ under the stock ticker SCWX.
The company intends to list its Class A common stock on the NASDAQ under the stock ticker SCWX.

The Atlanta-based SecureWorks, a cyber-security business unit of Dell, put in the paperwork with the US Securities and Exchange Commission on Thursday to initiate an IPO.

SecureWorks is a managed security service which offers subscribers intelligence-driven information security solutions to protect against cyber-attacks.

According to its preliminary prospectus, the company intends to list its Class A common stock on the NASDAQ under the stock ticker SCWX.

The Wall Street Journal reported in October that SecureWorks could be worth as much as US$ 2 billion (£1.3 billion), although valuation was not finalised. In the first nine months of its fiscal 2015, the company earned US$ 245 million (£164 million) in revenue, up from US$ 191 million (£128 million) in the same period last year. 

It's been reported that Dell is unloading some business assets in order to raise money to purchase business technology giant EMC for US$ 67 billion (£45 billion).

It is unknown at this point how many shares will be made available in the IPO or what the price will be, the company said.

Dell purchased SecureWorks in 2011 for US$ 612 million (£410 million). The unit has more than 2,400 employees and 4,100 customers in 61 countries, including Bank of America. Dell CEO Michael Dell owns nearly three-quarters of the company.