Cybersecurity firm McAfee returns to Wall Street on Thursday after a nine-year hiatus to raise $ 740 million by selling 37 million shares
The company valued its initial public offering at $ 20 per share on Wednesday At that price the company will have a market cap of around $ 8.6 billion It will begin trading on the Nasdaq under the symbol MCFE
Founded in 1987, the software company went public in 1999, where it raised $ 75 million with $ 12 per share.In 2011, the company was acquired by chipmaker Intel as part of a ‘a transaction worth $ 7 billion
McAfee lost its name under Intel leadership for years It was renamed when Intel sold the majority of its stake to private equity firm TPG, which now has a 66% stake in McAfee
Intel now owns a meager 7% stake, part of which will be sold as part of the IPO Venture capital firm Thoma Bravo and Singapore-based fortune fund GIC have also benefited from IPO, who have significant stakes in the company
McAfee’s IPO follows a series of IPOs of blockbuster tech on Wall Street this year, like cloud analytics firm Snowflake, big data firm Palantir and Chinese firm Kingsoft Cloud
In the first half of 2020, McAfee achieved sales worth $ 1.4 billion and profit of $ 31 million, up 9% from the same period in the previous year In 2019, the company recorded net losses of $ 236 million The company recently took on Peter Leav as CEO, who previously headed tech companies such as BMC Software and Polycom
The cybersecurity company is now entering the market as a sole proprietorship as demand is high in the US to protect software against malware, spyware, viruses, and other cybersecurity issues Recent data released by cybersecurity company Check Point suggests there has been an increase in cyber attacks across the US, particularly COVID-19 phishing and malware has been a growing concern as the country draws closer to election day in November 3
Founder John McAfee was in the news recently when he was arrested in Spain on U.S. tax evasion chargesIn a 55-page complaint, the Securities and Exchange Commission (SEC) said McAfee leveraged his fame to earn more than $ 23$ 1million in undisclosed pay when he promoted at least seven Initial Coin Offerings (ICOs) among his followers
McAfee computer security software on sale at a computer store in San Marcos, California, May 15, 2017 Photo: Reuters / Mike Blake
McAfee IPO, IT Security, Stocks
World News – EN – McAfee to debut on Wall Street – for the second time
SOURCE: https://www.w24news.com
