Cyber security company McAfee Corp said on Tuesday it’s seeking to raise up to $814 million in its initial public offering in the United States.
The company, which has been carved out from Intel Corp four years back, will sell nearly 31 million stocks, while the selling stockholders will provide about 6 million shares from the IPO, according to a regulatory filing.
It’s targeting a price range of $19-$22 per share, with the top end of this range valuing the vendor founded by the controversial but brilliant John McAfee at some $9.5 billion.
Short-term home rental firm Airbnb and food delivery company DoorDash will also be gearing up to go public later this season, since the IPO market rebounds sharply after the COVID-19 driven financial instability brought it to a stop in April.
Buyout firm TPG had acquired a vast majority stake in McAfee from Intel at 2016 at a deal that valued the company at $4.2 billion, including debt.
McAfee said in the filing that a portion of the profits would be utilized to repay a component of the debt.
The team at Platform Executive hope you have enjoyed the ‘News short: McAfee looks to raise up to $814 million in US IPO‘ article. Initial reporting via our official content partners at Thomson Reuters. Reporting by C Nivedita in Bengaluru. Editing by Devika Syamnath.
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