McAfee has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company intends to price its 37 million shares in the range of $19 to $22, with an overallotment option for an additional 5.55 million shares. At the maximum price, the offering is valued up to $936.1 million. The company expects to list its shares on the Nasdaq under the symbol MCFE.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, TPG Capital, BofA Securities, Citigroup, RBC, Deutsche Bank, UBS, HSBC, Mizuho, Evercore ISI, Piper Sandler, Stifel, Academy Securities, Blaylock Van, C.L. King, Ramirez and Siebert Williams Shank.
This company has been a pioneer and leader in protecting consumers, enterprises and governments from cyberattacks for more than 30 years with integrated security, privacy and trust solutions. McAfee built its platform through a deep, rich history of innovation and has established a leading global brand.
McAfee works to secure the digital experience of consumers and the world’s largest enterprises and governments from sophisticated attacks and nation-state threats. McAfee’s management has said that it is singularly committed to one mission: to protect all things that matter through leading-edge cybersecurity.
The firm’s enterprise business protects many of the largest enterprises and governments around the world, including 86%, 78% and 61% of Fortune 100, Fortune 500 and Global 2000 firms, respectively. Some of McAfee’s largest customers are government entities that represent over 25% of the 250 largest enterprise customers and 45% of the top 250 enterprise customer annualized contract value, with an average tenure of nearly 20 years.
In terms of its financial performance, the company has posted net revenue of $2.635 billion in the fiscal 2019 full year, with a net loss of $236 million. Adjusted earnings before interest, taxes, depreciation and amortization were $799 million for the same period with a margin of 30.3%.
The company intends to use the net proceeds from the offering to repay its debt, as well as for working capital and general corporate purposes.
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