McAfee looks to raise up to $814 million in U.S. IPO

(Reuters) - Cyber security firm McAfee Corp said on Tuesday it is looking to raise up to $814 million in its U.S. initial public offering. The company, which was carved out of Intel Corp 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 https://www.sec.gov/Archives/edgar/data/1783317/000119312520268184/d89887ds1a.htm.

Reuters October 14, 2020 00:07:32 IST
McAfee looks to raise up to $814 million in U.S. IPO

McAfee looks to raise up to 814 million in US IPO

(Reuters) - Cyber security firm McAfee Corp said on Tuesday it is looking to raise up to $814 million in its U.S. initial public offering.

The company, which was carved out of Intel Corp 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 https://www.sec.gov/Archives/edgar/data/1783317/000119312520268184/d89887ds1a.htm.

It 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.

(Reporting by C Nivedita in Bengaluru; Editing by Devika Syamnath)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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