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Corsair Gaming To Go Public, Files $100 Million IPO

(Image credit: Corsair)

EDIT, 8/23/2020 3:50pm PT: Clarified details of the offering. 

Original Article: 

As spotted by Forbes, gaming peripheral and hardware company Corsair Gaming has filed an initial public offering (IPO) with an initial target price of $100 million. The company plans to trade under the CRSR symbol on the Nasdaq. 

Corsair's sales for 2020 thus far weigh in at $1.3 billion. Founded in 1994, Corsair has expanded dramatically since its early days when it focused on selling cache modules to OEMs, eventually pivoting to selling memory in the server market. The company entered the enthusiast memory market back in 2002 with a heavy focus on memory kits for overclocking. Now Corsair sells products that range from memory to gaming headsets, keyboards, mice, watercoolers, power supplies, gaming chairs, and even full gaming PCs. The company also recently acquired Elgato Gaming, which manufactures gear for steamers, like internal and external video capture cards, and the like.   

Corsair's filing says that it has sold 190 million gaming and streaming products since 1998, and over 85 million of those products sold in the past five years. Corsair's reach spans 75 countries in both online and brick-and-mortar retailers, like Best Buy.  The company also sells products directly through its online webshop, but that doesn't seem to comprise a large percentage of its sales. Corsair's IPO filing lists some risk factors, such as its reliance on Amazon, which accounted for 26.8% of sales in 2020 thus far, and the company's top ten customers account for 52.4% of sales.

Corsair is currently owned by majority holder EagleTree Capital and several other minority shareholders, with the former buying into the company for $525 million back in 2017. Corsair seems to be in solid financial shape, with $31.3 million in net income this year, compared to a $26.7 million loss in the same time period last year. 

The IPO doesn't have an intended filing date, and the current version may see some adjustments over the coming weeks, or months, before the company goes public (no date is listed).

  • digitalgriffin
    The more I buy Corsair products, the more I'm convinced they are horribly over priced with substandard quality and substandard supporting software (iCue). Top offenders include anything RGB. They used to offer descent cases for the money. -Not anymore. The headphones feel cheap and sound weak and hollow to my ear. Corsair memory is at best middle tier and not price competitive.

    The only exception is the AIO's in the 240mm+ class. The power supplies are also descent. Mice are okay, but Logitech delivers a better value (especially when on sale). I do however love the texture on my M65 and the sniper button.

    They are becoming pudgy and relying on name.

    They generally sit on my do not buy list now.
    Reply
  • gio2vanni86
    I'm die hard fan. I think they have a lot great products that i use such as their keyboard and mice. I own a lot of their fans and cases. I think their doing well for themselves, going public might not be a good idea. Seen what going public does to great companies. Will find out in the long haul 5 to 10 years from now. As mentioned their not the greatest, but they do have a good selection. i own their 220T RGB case and 1000D and i hope they keep the big and crazy cases coming, i enjoy these the best.
    Reply
  • jWilzz
    digitalgriffin said:
    The more I buy Corsair products, the mote I'm convinced they are horribly over priced with substandard quality and substandard supporting software (iCue). Top offenders include anything RGB. They used to offer descent cases for the money. -Not anymore. The headphones feel cheap and sound weak and hollow to my ear. Corsair memory is at best middle tier and not price competitive.

    The only exception is the AIO's in the 240mm+ class. The power supplies are also descent.

    They are becoming pudgy and relying on name.

    They generally sit on my do not buy list now.

    I agree to an extent. I have had a lot of Corsair products and will continue to buy Corsair, while I do believe I could get the same and maybe a better quality with a different brand, I don't experience any issues with Corsair products and am always satisfied with my purchase. I believe that is what it comes down to and what makes a company truly successful.

    Depending on what their stock opens up at, I will most likely purchase some shares.
    Reply
  • hotaru251
    digitalgriffin said:
    substandard quality and substandard supporting software (iCue).
    to be fair all of those type of things generally suck in some way and there should be a generalized RGB program not individual ones. (less bloatware the better)
    Reply
  • spentshells
    wow finally! they first started considering it back in 2013
    Reply
  • digitalgriffin
    jWilzz said:
    I agree to an extent. I have had a lot of Corsair products and will continue to buy Corsair, while I do believe I could get the same and maybe a better quality with a different brand, I don't experience any issues with Corsair products and am always satisfied with my purchase. I believe that is what it comes down to and what makes a company truly successful.

    Depending on what their stock opens up at, I will most likely purchase some shares.

    I wish you luck.

    To me, I look at corsair as overpriced, and anti-consumer because their solutions lock you into their systems with proprietary components that are not built that well for the price. A key point are those RGB Towers, or their fans. $120 for 3 fans that require a proprietary controller and software to use them? They may be quiet, but Noctua's do perform better and cost significantly less. (even compared to non-rgb)

    Plus I'm tired of iCue constantly blue screening my systems or sucking up so much CPU use. As a software engineer and astrospace engineer who worked with embedded systems for over 30 years, I can confidently say there is absolutely no excuse for this. NONE. This makes their software worthless.
    Reply
  • Gurg
    Corsair is one of my go to brands. Currently I'm using:
    Corsair H115i Pro AIO Cooler
    Corsair RM1000 FM 80+G ATX PSUCorsair M65 Pro RGB FPS Optical Gaming Mouse
    KB CORSAIR | K70 CHERRY MX RD LED RCorsair HS60 Pro Virtual Surround Headset

    Pleased with all of them.
    Reply
  • jWilzz
    digitalgriffin said:
    I wish you luck.

    To me, I look at corsair as overpriced, and anti-consumer because their solutions lock you into their systems with proprietary components that are not built that well for the price. A key point are those RGB Towers, or their fans. $120 for 3 fans that require a proprietary controller and software to use them? They may be quiet, but Noctua's do perform better and cost significantly less. (even compared to non-rgb)

    Plus I'm tired of iCue constantly blue screening my systems or sucking up so much CPU use. As a software engineer and astrospace engineer who worked with embedded systems for over 30 years, I can confidently say there is absolutely no excuse for this. NONE. This makes their software worthless.

    I feel like you missed my point based off your very first sentence. I stated that i understand they are overpriced by saying I know I could get the same quality if not better from a different brand (which I meant to mean cheaper brand), but when buying stock you no longer look at it just from consumer point of view. You become an investor. Will they make money? And the following sentences after your first continue to support what I said about them being a successful company. Regardless of your opinion of their products as we have add complete opposite experiences. I have never had any issues with icue and I have always been satisfied with the quality of their products. But in the end what matters when buying stock, will they make me money? And I believe that answer to be a very solid yes.

    And it surprises me you get blue screen from a simple program as a software engineer lol. Seems to possibly be a problem on your end tbh. I've literally never had a single issue with it. Not with rgb products, mouse products, or keyboard products. Not even when using it to control rgb on other branded products such as my asus mobo.

    And you also don't need their controller to run their fans. Not sure where you heard that. I've used them without plenty of times.

    And yes they've full committed to rgb. But why? Because people buy it.

    But hey we all have our own opinions and I respect yours my friend. :)
    Reply
  • jWilzz
    hotaru251 said:
    to be fair all of those type of things generally suck in some way and there should be a generalized RGB program not individual ones. (less bloatware the better)

    Most rgb software programs are compatible with multiple brands... ive used icue with Asus mobos. And ive used aurora mystic or whatever with corsair and other branded rgb products.

    I think people tend to think just because the software is made by a single company then it won't work with other companies products which often isn't true at all...
    Reply
  • digitalgriffin
    jWilzz said:
    I feel like you missed my point based off your very first sentence. I stated that i understand they are overpriced by saying I know I could get the same quality if not better from a different brand (which I meant to mean cheaper brand), but when buying stock you no longer look at it just from consumer point of view. You become an investor. Will they make money? And the following sentences after your first continue to support what I said about them being a successful company. Regardless of your opinion of their products as we have add complete opposite experiences. I have never had any issues with icue and I have always been satisfied with the quality of their products. But in the end what matters when buying stock, will they make me money? And I believe that answer to be a very solid yes.

    And it surprises me you get blue screen from a simple program as a software engineer lol. Seems to possibly be a problem on your end tbh. I've literally never had a single issue with it. Not with rgb products, mouse products, or keyboard products. Not even when using it to control rgb on other branded products such as my asus mobo.

    And you also don't need their controller to run their fans. Not sure where you heard that. I've used them without plenty of times.

    And yes they've full committed to rgb. But why? Because people buy it.

    But hey we all have our own opinions and I respect yours my friend. :)

    Monster cable and Bose were once successful too.

    The entire point of my tirade was that people will wise up some day. (But your counter point was justified)

    But They do thankfully do have a few good products; power supplies being one.
    Reply