McAfee Raises $620 Million From its IPO

Santa Clara based computer security software company McAfee Corp finally held its much awaited initial public offering on October 21 managing to fetch a total of $620 million from the IPO.

Shares of the company were going for $20 per shares in the IPO, this price was within the $19 to $22 per share range the company had issued. Shares of the company will start trading on NASDAQ under the ticker MCFE on October 22.

The company did not announce the actual size of shares it sold in the IPO however it had earlier said it was intending to sell 37 million shares in the IPO.

After the IPO and basing total outstanding shares of the company, McAfee has a market valuation of $8.6 billion. At the end of June the company’s total debt portfolio stood at $4.8 billion.

McAfee enjoys backing of two private equity firms from United States namely TPG and Thoma Bravo. In 2016, TPG purchased a majority stake in the company from Intel Corp (INTC). After one year, Thoma Bravo acquired minority stake in the company.

The company says it will be directing some of the cash raised from the IPO towards paying some of its debts. The company reported $1.4 billion revenue for the first half of the while net income stood at $31 million.

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