⁍ McAfee valued at $8.6 billion based on total outstanding shares.
⁍ The company also had $4.8 billion in debt as of the end of June.
⁍ McAfee had aimed to sell 37 million shares at a target price range of $19-$22 per share.
– Shares of McAfee are set to start trading on the Nasdaq on Thursday after the cybersecurity firm raised $620 million in its initial public offering, per Reuters. The company, backed by private equity firms TPG and Thoma Bravo, had planned to sell 37 million shares at a target price range of $19-$22 per share, reports the Wall Street Journal. At $20 per share, McAfee will be valued at $8.6 billion. The company’s revenue in 2019 was $2.6 billion, with a net loss of $236 million. In the first half of 2020, the company said revenue reached $1.4 billion, while net income was $31 million. McAfee said it plans use a portion of the IPO proceeds to pay down part of its outstanding debt. Shares in McAfee are due to begin trading on the Nasdaq under the symbol ‘MCFE.’ Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities, and Citigroup are the lead underwriters for the offering.
Source: https://www.reuters.com/article/us-mcafee-ipo/cyber-security-firm-mcafee-raises-620-million-in-us-ipo-idUSKBN27702F