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Corsair Gaming Files For IPO Raising $100m

PUBLIC OFFERING | ANNOUNCEMENT DATE: 21 AUG 2020
WRITTEN BY | 24 Aug 2020
Corsair Gaming Files For IPO Raising $100m
PUBLIC OFFERING

💵 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    • Corsair already attempted an IPO in 2010, but the offering was withdrawn in 2012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

Gaming hardware supplier Corsair Gaming files for a $100 million IPO
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Corsair Gaming
  • Established in 1994

  • Headquarters — Fremont, California, United States

  • Team of 1,990 employees, of which 919 were in operations, 468 in marketing and sales, 392 in product development and 211 in general functions

  • Founded by Andy Paul, Don Lieberman, John Beekley

  • Gaming hardware manufacturer