Don't miss our upcoming Network Computing virtual event on Connectivity Solutions - Secure Your Complementary Seat Now!
Worry about not raising sufficient funds to make an IPO worthwhile has caused Engenio Information Technologies Inc. to postpone the public offering it originally planned for today.
In a statement Thursday night, the company declared its intention to evaluate market conditions for "a more appropriate time" to go public (see Engenio Postpones IPO and Engenio Might Wait on IPO).
Industry sources say the appropriate time will likely be no sooner than the fourth quarter for any storage company considering an IPO.
Engenio is the storage division of LSI Logic Corp. (NYSE: LSI), which announced the intention to spin if off last November (see LSI Logic Spins Off Storage Systems and LSI Spells Engenio).
Sources say the company and its underwriters --
Morgan Stanley, Goldman Sachs & Co., Lehman Brothers and Wachovia Securities Inc. -- called off the IPO because they found preliminary bids well below the target range of $8 to $10 per share. Engenio hoped to raise $102.4 million through the offering.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
