Security software company Telos files to go public

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Security software company Telos Corp. has filed to go public, with the stock expected to trade on the Nasdaq exchange under the ticker symbol “TLS.” The Virginia-based company proposed in a filing a maximum offering of $241.5 million worth of stock, but said that was a placeholder amount used solely to calculate a registration fee. The company has not yet determined the number of shares it will offer in the IPO, or the expected pricing range. B. Riley Securities, BMO Capital Markets and Needham & Co. are the underwriters. The company recorded a net loss of $6.4 million on revenue of $159.2 million in 2019, after a loss of $1.6 million on revenue of $138.0 million in 2018. The company is looking to go public at a good time for IPOs, as the Renaissance IPO ETF has soared 72.3% year to date while the S&P 500 has gained 5.5%.
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