(Reuters) - Cyber security firm McAfee Corp
The IPO valued McAfee, which is backed by U.S. private equity firms TPG and Thoma Bravo, 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. McAfee declined to comment.
TPG acquired a majority stake in McAfee from Intel Corp
In the last few years, McAfee has grown its main cyber security software business, which focuses on consumers, through price increases, new partner programs and good retention rates.
McAfee earlier this year hired ex-BMC Software CEO Peter Leav as its new chief executive to replace Chris Young, who created the company in its current form by carving it out of Intel.
McAfee has said its 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 to 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 on Thursday under the symbol "MCFE."
Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities and Citigroup are the lead underwriters for the offering.
(Reporting by Chibuike Oguh in New York; Editing by Christopher Cushing)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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