BlackBerry said on Wednesday it would separate its Internet of Things (IoT) and cybersecurity business units into two separate entities.

The company said the chief objective of the separation is to pursue a subsidiary initial public offering for the IoT business, targeted in the first half of the next fiscal year.

BlackBerry, which transitioned to a cybersecurity and IoT software-maker, said in May that it was reviewing its business.

(Reporting by Savyata Mishra and Samrhitha Arunasalam in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)