Cybersecurity firm, McAfee to raise $814 million through IPO

Cybersecurity firm McAfee Corp recently disclosed it will be raising about $814 million through a U.S. initial public offering.

McAfee Corp which spanned out of America’s leading chip producer Intel Corp will sell about 31 million shares. Shareholders are offering about 6 million shares in the IPO, according to its recent regulatory filing.

READ: Adesina’s re-election gets a boost as Nigeria doubles AfDB voting right for August 27 election

READ: Nigeria to ban foreign vessels operating without valid license by December – NIMASA

What you should know

John McAfee started the firm in his name in the 80s. A decade later, the McAfee software was the leading player in helping protect businesses and individuals from adversarial threats like computer hackers.

Highlights of McAfee’s most recent financials include;

• Net revenue was $2,635 million in fiscal 2019 and $1,401 million in the 26 weeks ended June 27, 2020.
• Net loss was $236 million in fiscal 2019 and net income was $31 million in the 26 weeks ended June 27, 2020.
• Net loss margin was 9.0% in fiscal 2019 and net income margin was 2.2% in the 26 weeks ended June 27, 2020.
• Adjusted EBITDA was $799 million in fiscal 2019 and $507 million in the 26 weeks ended June 27, 2020.
• The adjusted EBITDA margin was 30.3% in fiscal 2019 and 36.2% in the 26 weeks ended June 27, 2020.

READ: CBN announces resumption of sales of forex to BDC

READ: What business owners need to know about balance sheets

Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities, and Citigroup are the lead underwriters for the offering.