Corsair Gaming To Go Public, Files $100 Million IPO

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EDIT, 8/23/2020 3:50pm PT: Clarified details of the offering.

Original Article:

As spotted by Forbes, gaming peripheral and hardware company Corsair Gaming has filed an initial public offering (IPO) with an initial target price of $100 million. The company plans to trade under the CRSR symbol on the Nasdaq.

Corsair's sales for 2020 thus far weigh in at $1.3 billion. Founded in 1994, Corsair has expanded dramatically since its early days when it focused on selling cache modules to OEMs, eventually pivoting to selling memory in the server market. The company entered the enthusiast memory market back in 2002 with a heavy focus on memory kits for overclocking. Now Corsair sells products that range from memory to gaming headsets, keyboards, mice, watercoolers, power supplies, gaming chairs, and even full gaming PCs. The company also recently acquired Elgato Gaming, which manufactures gear for steamers, like internal and external video capture cards, and the like.

Corsair's filing says that it has sold 190 million gaming and streaming products since 1998, and over 85 million of those products sold in the past five years. Corsair's reach spans 75 countries in both online and brick-and-mortar retailers, like Best Buy. The company also sells products directly through its online webshop, but that doesn't seem to comprise a large percentage of its sales. Corsair's IPO filing lists some risk factors, such as its reliance on Amazon, which accounted for 26.8% of sales in 2020 thus far, and the company's top ten customers account for 52.4% of sales.

Corsair is currently owned by majority holder EagleTree Capital and several other minority shareholders, with the former buying into the company for $525 million back in 2017. Corsair seems to be in solid financial shape, with $31.3 million in net income this year, compared to a $26.7 million loss in the same time period last year.

The IPO doesn't have an intended filing date, and the current version may see some adjustments over the coming weeks, or months, before the company goes public (no date is listed).