McAfee today made its return to the public market after pricing its initial public offering late Wednesday at $20 a share and raising $740 million, putting its value around $8.6 billion. The security company, along with some of its investors, sold a total of 37 million shares.
This is the second time McAfee, which will trade under the symbol MCFE, has appeared on the public market. It was a publicly traded company before it was acquired by Intel for about $7.7 billion in 2010. The deal was meant to boost Intel's security capabilities; however, after a lack of synergy and direction, Intel sold a majority stake in McAfee to asset firm TPG for $3.1 billion.
Now McAfee is back as a stand-alone company and playing catchup at a time when businesses are focusing on cloud and concerned with protecting their employees from a range of security threats. In the years since its spinoff from Intel, McAfee has acquired CASB provider Skyhigh Networks, application and security platform NanoSec, and browser isolation firm Light Point. It also faces tough competition from industry giants like Trend Micro, CrowdStrike, and Microsoft.
Underwriters for today's offering include Morgan Stanley, Goldman Sachs, TPG Capital, Bank of America, and Citigroup.Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio