Cyber security firm McAfee Corp filed for a U.S. initial public offering on Monday, as the company carved out of Intel Corp four years ago looks to take advantage of a rebound in capital markets from a coronavirus-led slump in March.
McAfee did not disclose the size of the offering and set a placeholder amount of $100 million.
The firm is looking to list its shares on the Nasdaq under the ticker symbol “MCFE”, according to a filing.
The filing comes at the start of a blockbuster week for IPOs with the likes of Central Intelligence Agency-backed Palantir Technologies and workplace app Asana Inc set for their market debuts.
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 has managed to grow its main cyber security software business, which focuses on consumers, through price increases, new partner programs and good retention rates in the last few years, according credit ratings agency Moody’s Investors Service Inc.
The growth has been partially offset, however, by weakness in its business of serving other companies, which remains competitive, according to Moody’s.
McAfee’s revenue jumped 9.4% to $2.64 billion in the year ended Dec. 2019, while net loss narrowed to $236 million from $512 million during the same period.
The company hired the former CEO of BMC Software, Peter Leav, as its new chief executive, Reuters reported in January.
Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities and Citigroup are the lead underwriters to the offering.
All COVID-19 public health restrictions to be lifted in Saskatchewan on July 11
Center-right leads first round of French regional vote: Early results
South African mystery stones unearthed by cattle herder are quartz not diamonds
Hot air balloon crash-lands outside Denver, injuring three passengers
Britain records 9,284 new COVID-19 cases amid rising trend
Lifestyle7 days ago
Saudi ministry: Women can register for Hajj with other women without male guardian
Computers6 days ago
Critical US entities targeted in suspected Chinese cyber spying
Health6 days ago
AstraZeneca’s antibody treatment fails to protect patients exposed to COVID-19
Health5 days ago
Experts say second shot of Moderna is ‘as good as’ Pfizer when mixing with AZ
Asia6 days ago
Delhi defies social distancing norms, doctors say brace for COVID-19 ‘explosion’
Africa7 days ago
UN official says starvation is being used as weapon of war in Tigray
Middle East5 days ago
Israelis march in east Jerusalem in test for new government
Africa6 days ago
Sudan says it is open to conditional interim deal on Ethiopia controversial dam