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

In this news, we discuss the McAfee looks to raise up to $814 million in U.S. IPO.

(Reuters) – Cybersecurity firm McAfee Corp said Tuesday it plans to raise up to $ 814 million when it goes public in the United States.

The company, which split from Intel Corp four years ago, will sell nearly 31 million shares, while selling shareholders will offer around 6 million shares on the IPO, according to a regulatory filing here.

It is targeting a price range of $ 19 to $ 22 per share, with the high end valuing the company at $ 9.5 billion.

Short-term home rental company Airbnb and food delivery company DoorDash are also gearing up to go public later this year, as the IPO market rebounds sharply after economic uncertainty over coronavirus l ‘shut down in April.

Buyout firm TPG acquired a controlling stake in McAfee from Intel in 2016 in a deal that valued the company at $ 4.2 billion, including debt.

McAfee said in the filing that part of the proceeds would be used to pay off part of the debt.

Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities and Citigroup are the main underwriters of the offer.

Report by C Nivedita in Bengaluru; Edited by Devika Syamnath

Original © Thomson Reuters Corporation

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