McAfee goes public … again – CNN

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McAfee priced its IPO on Wednesday night at $ 20 a share and will raise $ 740 million from the sale of 37 million shares. At that price, McAfee will be worth $ 8.6 billion. The company will trade on the Nasdaq under the symbol MCFE.

McAfee was a public company before Intel (INTC) bought it for $ 7.7 billion in 2011. The McAfee name was discontinued a few years ago, but was later revived after Intel sold a controlling stake in it to the equity firm. TPG investment, which now owns nearly 66% of McAfee.

McAfee is coming back to life as a stand-alone company at a time of high demand for software to protect consumers and businesses from viruses, ransomware, spyware, phishing, identity theft and other cybersecurity issues.

Earlier this year, McAfee brought in a tech industry veteran as CEO: Peter Leav, who previously headed tech companies BMC Software and Polycom.

McAfee reported revenue of $ 1.4 billion for the first six months of 2020, up nearly 9% from a year ago. He also made a small profit in the first two quarters after losing money in the same period of 2019.Intel could also benefit from the IPO. The chip giant still owns a 7% stake in McAfee and will sell some of its shares as part of the offer. Venture capital firm Thoma Bravo and Singapore’s sovereign wealth fund GIC also have significant stakes in McAfee and each will only sell a small portion of its shares.

The company kept the McAfee name even though founder John McAfee, who was recently arrested in Spain and charged with tax evasion by the United States, is no longer with the company.

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