Seagate Applies for Initial Public Offering

Seagate Technology Holdings, the largest maker of computer disk drives by revenue, has filed to raise as much as $1 billion in an initial public stock offering.

Seagate, which has operations in Scotts Valley, Calif., and its investors will sell an undisclosed number of common shares at a price to be determined later, according to a filing with the Securities and Exchange Commission.

The investors include a group led by California venture capitalist Roger McNamee and Texas financier David Bonderman, who took Seagate private in November 2000.

Seagate’s offering comes at a time when spending on computers and technology has declined and demand for IPOs has dropped.