McAfee Raises $740M In IPO

Cybersecurity company McAfee Corp, on Wednesday, announced it is pricing 37 million class A common stock shares in its initial public offering at $20 per share.

What Happened: McAfee’s stock will begin its trading debut on the Nasdaq Stock Market under the symbol "MCFE" on Thursday, and the IPO offer will be open till Oct. 26.

The public offering, which stands to generate $740 million in proceeds, values the company at $8.6 billion, Bloomberg reports. McAfee is offering 30.98 million shares in the IPO, with the rest 6 million coming from existing shareholders.

A week ago, McAfee disclosed it expected to price its IPO in the range of $19 to $22 per share.

Why Does It Matter: Based on the data from Refinitiv, The Financial Times reports that IPOs have raised close to $58.4 billion in the U.S. this year. Some of the recent tech IPO include cloud software company Snowflake Inc (NYSE: SNOW), DevOps solutions provider JFrog Ltd (NASDAQ: FROG), data analytics startup Sumo Logic Inc (NASDAQ: SUMO), and video game software developer Unity Software Inc (NYSE: U).

After being acquired by Intel Corporation (NASDAQ: INTC) in 2010, McAfee was spun off in 2016 when private equity firm TPG Capital purchased a 51% stake in the cybersecurity company.