McAfee files for IPO


By MYBRANDBOOK


McAfee files for IPO

McAfee Corp announced that it has filed for a U.S. initial public offering, as the company carved out of Intel Corp INTC.O four years ago looks to take advantage of a rebound in capital markets from a coronavirus-led slump in March.

 

McAfee, though did not disclose the size of the offering and set a placeholder amount of $100 million.

 

The firm is looking to list its shares on the Nasdaq under the ticker symbol "MCFE", according to a filing. 

 

The filing comes at the start of a blockbuster week for IPOs with the likes of Central Intelligence Agency-backed Palantir Technologies and workplace app Asana Inc set for their market debuts.

 

Buyout firm TPG had acquired a majority stake in McAfee from Intel in 2016 in a deal which valued the company at $4.2 billion, including debt.

 

McAfee has managed to grow its main cyber security software business, which focuses on consumers, through price increases, new partner programs and good retention rates in the last few years, according to credit ratings agency Moody’s Investors Service Inc.

 

The growth has been partially offset, however, by weakness in its business of serving other companies, which remains competitive, according to Moody’s.

 

McAfee’s revenue jumped 9.4% to $2.64 billion in the year ended Dec. 2019, while net loss narrowed to $236 million from $512 million during the same period.

 

The company hired the former CEO of BMC Software, Peter Leav, as its new chief executive, as reported in January.

 

Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities and Citigroup are the lead underwriters to the offering.

 E-Magazine 
 VIDEOS  Placeholder image

Copyright www.mybrandbook.co.in @1999-2024 - All rights reserved.
Reproduction in whole or in part in any form or medium without express written permission of Kalinga Digital Media Pvt. Ltd. is prohibited.
Other Initiatives : www.varindia.com | www.spoindia.org