Cybersecurity firm McAfee plans $814 mn IPO

Cybersecurity firm McAfee is aiming to raise up to $814 million in its U.S. initial public offering (IPO), Reuters reported.
McAfee Safe Connect
The US-based company, which was carved out of Intel four years ago, will sell nearly 31 million shares, while the selling stockholders will offer about 6 million shares in the IPO, according to a regulatory filing.

McAfee is targeting a price range of $19-$22 per share, with the top end of the range valuing the firm at $9.5 billion.

Short-term home rental company Airbnb and food delivery firm DoorDash are also gearing up to go public later this year, as the IPO market rebounds sharply after coronavirus-driven economic uncertainty brought it to a halt in April.

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 said in the filing that a portion of the proceeds would be used to pay down a part of the debt.

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

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