Skip to Content

McAfee sets IPO terms, to raise up to $682 million and be valued at $9.5 billion

McAfee Corp. disclosed Tuesday that it has set terms for its initial public offering, in which the California-based security software company (link) looks to raise up to $682 million, and its selling shareholders look to sell up to $132 million worth of shares. The company said it is offering 37 million shares in the IPO, with 30,982,558 Class A shares coming directly from the company and 6,017,442 shares offered by selling stockholders. The IPO is expected to price between $19 and $22 a share. With 165.44 million Class A shares and 266.42 Class B shares expected to be outstanding after the IPO, the company could be valued at up to $9.50 billion. The stock is expected to list on the Nasdaq exchange under the ticker symbol MCFE. Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities and Citigroup are the lead underwriters. For the six months ended June 27, the company recorded net income of $31 million on revenue of $1.40 billion, after a net loss of $146 million on revenue of $1.29 billion in the same period a year ago. McAfee is looking to return to the public markets at a time of healthy investor demand for IPOs, as the Renaissance IPO ETF has run up 33.7% over the past three months, while the S&P 500 has gained 11.5%.

-Tomi Kilgore; 415-439-6400;


(END) Dow Jones Newswires

10-14-20 0610ET

Copyright (c) 2020 Dow Jones & Company, Inc.