McAfee, Shareholders Seek Up to $814 Million in U.S. IPO

(Bloomberg) -- McAfee Corp. and its shareholders are seeking to raise as much as $814 million in a U.S. initial public offering, as the cybersecurity software maker returns to the public market.

The company, previously a unit of Intel Corp., plans to sell 31 million shares while its holders are offering 6 million shares, it said in an updated filing with the U.S. Securities and Exchange Commission on Tuesday. The shares are being offered at $19 and $22 apiece, the filing shows.

At the top end of that range, McAfee would have a market value of $9.5 billion, based on the outstanding shares listed in the filing.

In 2016, Intel announced that it had signed a deal to transfer a 51% stake in McAfee to TPG for $1.1 billion. The transaction valued the spun-off company at $4.2 billion, including debt.

TPG, Singapore’s sovereign wealth fund GIC Pte, Thoma Bravo and Intel are listed as McAfee’s backers in the prospectus.

McAfee plans to list on the Nasdaq Global Select market under the symbol MCFE. Morgan Stanley, Goldman Sachs Group Inc., TPG Capital, Bank of America Corp. and Citigroup Inc. are leading the offering.

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