Corsair Gaming, which designs and supplies personal computer and gaming hardware components, announced terms for its IPO on Monday.
The Fremont, CA-based company plans to raise $238 million by offering 14 million shares (46% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Corsair Gaming would command a fully diluted market value of $1.7 billion.
The company designs and sells high-performance gaming and streaming equipment including keyboards, headsets, PC components and gaming PCs. Corsair also has two software platforms: iCUE for gamers and Elgato's streaming suite for content creators. Corsair previously filed to go public in 2010 but postponed in 2012. In 2017 private equity firm EagleTree Capital acquired a majority stake for $525 million.
Corsair Gaming was founded in 1994 and booked $1.3 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CRSR. Goldman Sachs, Barclays, Credit Suisse, Macquarie Capital, Baird, Cowen and Stifel are the joint bookrunners on the deal. It is expected to price during the week of September 21, 2020.
