? IPO
US-based gaming hardware manufacturer Corsair Gaming (also known as Corsair Components) has filed for an IPO on the Nasdaq with expectations to raise up to $100m
Corsair plans to use net proceeds to repay outstanding indebtedness (Net Debt of $382m as of June 30,2020)
This is the third time the company files for an IPO.
Corsair already attempted an IPO in 2010, but the offering was withdrawn in 2012
In 1997, the company has performed its first IPO on the Nasdaq stock exchange under the “CAIR“ symbol. In 2001, Corsair was acquired by Authorize.Net (NASDAQ: LTBG)
In July 2017, private equity firm EagleTree Capital became a majority shareholder in Corsair, acquiring a majority stake in the company for $525m
Over the last twelve months ending June 30, 2020 Corsair has generated $1.3B in Net Revenue, $127.5m in adj. EBITDA, and $31m Net Income
? Recent Acquisitions
In December 2019, Corsair acquired creator of high-performance gaming controllers SCUF Gaming
In July 2019, the company acquired Florida-based ORIGIN PC Corporation, manufacturer of custom high-end gaming desktops and laptops
In July 2018, Corsair acquired certain assets and technology from Germany-based Elgato Systems, provider of hardware and software for streamers
? Product
Corsair Gaming is a hardware manufacturer, producing premium quality gear for gamers and streamers. The company operates within two segments:
Gamer and creator peripherals (27% of revenue), including gaming accessories (keyboards, mice, headsets, controllers, streaming devices, etc.)
Gaming components and systems (73% of revenue), including customized PCs, power supply units, cooling solutions, computer cases, and DRAM modules
Corsair also works on software solutions to improve compatibility and performance of its products
Initially, Corsair focused on RAM for PCs, but then it expanded into other PC components, peripherals and accessories. After acquiring Elgato in 2018, the company started producing streaming hardware for content creators
Corsair operates a production facilities in Taiwan, US and UK, as well as uses factories operated by third-parties located in China, Taiwan and countries in Southeast Asia. The company has shipped over 190m gaming products since 1998, with over 85m gear shipments in the past five years
The company’s primary end-markets are US, Europe and Middle East
Apart from all that, Corsair supports esports teams and aspiring streamers:
The company partners with streamers through its Corsair Streamer Program. Joining this program, streamers can get free Corsair hardware, merchandise and discounts
Corsair sponsors such esports team as Berlin International Gaming, Envy Gaming, FC Schalke 04, ROX Gaming, Team Secret and Team Vitality
SOURCES: SEC.GOV, FORBES, NASDAQ, THEGAMINGECONOMY
