Canadian technology firm BlackBerry (BB) says it is targeting June 2024 to hold an initial public offering (IPO) of its Internet of Things business.
The upcoming IPO will divide BlackBerry into two business units, one focused on cybersecurity and the other focused on its Internet of Things products and services.
The planned IPO comes after BlackBerry undertook a strategic review of its business earlier this year with a view to enhancing shareholder value.
The company had let it be known that it would consider a takeover offer, though no concrete deals have emerged.
BlackBerry lost $42 million U.S. in this year’s second quarter as revenue from its Internet of Things business rose 4% while cybersecurity revenue declined 40% year-over-year.
BlackBerry CEO John Chen said he is aiming for a June 2024 IPO because he wants to avoid holding the share sale during the summer when people are on vacation.
The stock of BlackBerry has fallen 15% over the last 12 months and is down 60% over the past five years. Trading at $3.72 U.S. per share, it is now a penny stock.
