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McAfee,
the cybersecurity firm supported by
Intel,
is the latest high profile deal to hit the IPO market
The San Jose, Calif., the company is expected to price its initial public offering later Wednesday and go public on Thursday McAfee is offering 37 million shares at $ 19 to $ 22 each The company is expected to trade in the Nasdaq, under the symbol MCFE
Eighteen underwriters are listed as working on the deal, including
Morgan Stanley,
Goldman Sachs,
TPG Capital, BofA Securities and
Citigroup
The underwriters have the option to purchase 555 million shares at the IPO price (a practice known as the « greenhoe option »)
Several notable offers have recently hit the IPO market
Snowflake
(ticker: SNOW), a cloud software company, went public in late September
Palantir Technologies
(PLTR), the big data analytics firm backed by Peter Thiel, also launched an IPO last month Ant Group, the payment unit of
Alibaba Holding Group
(BABA), is expected to go public in early November, while vacation rental company Airbnb is expected to tap stock markets in December
McAfee was founded in 1987 The company’s cybersecurity software is an industry leader, helping to protect consumers and businesses from adverse threats such as hackers Its platform currently aims to create a digital divide against attacks by providing device security, privacy, secure Wi-Fi, online protection and identity protection, according to the prospectus. McAfee products protected over 600 million devices as of June 27
McAfee is backed by Intel (INTC), which acquired the company in 2011 for $ 7.68 billion in transactions that left the company private.In 2017, TPG Capital, the private equity firm, acquired a stake of 51 % in McAfee Thoma Bravo also invested
McAfee has moved to profitability this year The company reported a net profit of $ 31 million for the six-month period ended June 27 on revenue of $ 1.4 billion, according to the file This compares to a loss of 146 million dollars for the six-month period ended June 29, 2019 on 13 billion of sales It employed more than 6,850 people in the world as of June 2
McAfee is heavily exploited, too The company’s long-term debt stands at $ 4.78 billion as of June 27 McAfee plans to use some of the proceeds of its IPO to pay off its debt, which will drop to $ 4 2 billion after IPO and reorganization, according to prospectus
McAfee, the Intel-backed cybersecurity company, is the latest high-profile deal in the IPO market
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Initial public offering, McAfee, Intel
Global news – US – McAfee to announce IPO later today
