No way to sugarcoat it: Blue Coat withdraws estimated $500 million IPO

Blue Coat, a Bain Capital-backed network security and optimization solutions provider, withdrew its plans for an initial public offering on Wednesday after disclosing its $4.65 billion acquisition by Symantec. It originally filed in June 2016 with an estimated deal size of $500 million. 

The Sunnyvale, CA-based company was founded in 1996 and booked $755 million in sales for the 12 months ended April 30, 2016. It had planned to list on the NYSE under the symbol BLCT. Morgan Stanley, J.P. Morgan, Credit Suisse and Goldman Sachs were set to be the joint bookrunners on the deal.

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