McAfee, the cybersecurity company founded by tech eccentric John McAfee, has set the terms for its initial public offering, hoping to raise as much as $682 million.<\/p>\n
McAfee, based in San Jose, plans to sell 37 million shares at a price of $19 to $22 each. The stock will trade on Nasdaq, with the ticker symbol MCFE, the company said in an SEC filing.<\/p>\n
Of the 37 million shares, 30,982,558 will come from the company and 6,017,442 from existing stockholders. McAfee expects to have 165.44 million Class A shares outstanding after the IPO.<\/p>\n
Including class B shares, the company would have a valuation of between $9.5 billion and $10 billion at the top of the pricing range.<\/p>\n
In the six months through June 27, McAfee posted profit of $31 million, swinging from a loss of $146 million in the year-earlier period. Revenue rose 9% to $1.4 billion from $1.29 billion.<\/p>\n
John McAfee founded McAfee Associates in 1987 and ran it until 1994, when he left the company.<\/p>\n
McAfees anti-virus software was a market leader along with Norton in the 1990s and 2000s. It sold itself to Intel INTC for $7.7 billion in 2011.<\/p>\n
In 2016, Intel sold a 51% stake to the San Francisco private-equity firm TPG for $1.1 billion. In its IPO prospectus, McAfee cites TPG and Chicago PE firm Thoma Bravo as investors.<\/p>\n
After leaving McAfee Associates, John McAfee founded a raft of companies, including Tribal Voice, which offers the PowWow chat program; QuorumEx and Future Tense Central.<\/p>\n
In 2016 he sought the Libertarian Party nomination for president, losing to former New Mexico Gov. Gary Johnson. He gave it another shot this year, to no avail.<\/p>\n
McAfee was arrested last week in Spain and is facing extradition to the U.S. on tax evasion charges. In a statement announcing the charges, the Department of Justice noted \"The indictment does not allege that during these years McAfee received any income or had any connection with the anti-virus company bearing his name.\"<\/p>\n
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McAfee Sets Terms of IPO, Hoping to Raise Up to $682 Million - TheStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" McAfee, the cybersecurity company founded by tech eccentric John McAfee, has set the terms for its initial public offering, hoping to raise as much as $682 million. McAfee, based in San Jose, plans to sell 37 million shares at a price of $19 to $22 each Continue reading