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Cybersecurity Company Optiv Files for IPO

Nov 18, 2016

Cybersecurity company Optiv Security, majority owned by Blackstone Group, filed with U.S. regulators for an initial public offering of its common stock on Friday.

The company set a nominal fundraising target of $100 million in its filing with the U.S. Securities and Exchange Commission.

The filing showed that both Optiv and its shareholders were offering shares in the IPO, but did not disclose the number of shares being sold or their expected price.

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Optiv was created when cyber security companies Accuvant and FishNet Security merged in 2015. Blackstone made a majority investment in Accuvant in 2014.

On a pro forma basis, the company posted a loss of $5.7 million on revenue of $643.8 million in the nine months ended Sept. 30, according to the filing.

Denver, Colorado-based Optiv intends to list its common stock on the New York Stock Exchange under the symbol "OPTV."

Cybersecurity Has a Funding Problem

Morgan Stanley (ms), Goldman Sachs (gs), Barclays Capital (bcs), Citigroup Global Markets (c) are among the underwriters of the offering.

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.

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