BlackBerry, wrapping up a strategic review of its options, plans to hold an initial public offering for the company’s Internet of Things division, separating the business from its main cybersecurity operations. The split is expected to occur in the first half of the next fiscal year, the Canadian company said in a statement Wednesday. BlackBerry’s fiscal calendar runs through February.
The entire company currently has a market valuation of about $2.5 billion. “BlackBerry believes that a separately traded IoT subsidiary will enable shareholders to more clearly evaluate the performance and future potential of BlackBerry’s principal businesses on a standalone basis, while allowing each business to pursue its own distinct strategy and capital allocation policy,” the Waterloo, Ontario-based company said.