Cybersecurity company McAfee made its return to Wall Street on Thursday. McAfee priced its initial public offering late Wednesday at…
$20 a share and raised $740 million from the sale of 37 million shares. But the stock opened Thursday morning below $19, a 6% drop.
At that price, McAfee is worth $8 billion. The company trades on Nasdaq under the ticker symbol MCFE.
McAfee was a public company before Intel (for $7.7 billion in 2011. The McAfee name was dropped a few years ago but then reinstated after Intel sold a majority stake in it to private equity firm TPG, which now owns nearly 66% of McAfee.) bought it
McAfee re-enters life as a standalone firm at a time when demand is strong for software to protect consumers and businesses from viruses, ransomware, spyware, phishing, identity theft and other cybersecurity problems.
Cybersecurity stocks have soared this year as a result. The Global X Cybersecurity ETF () is up nearly 35% this year.
Earlier this year, McAfee brought on a tech industry veteran as CEO: Peter Leav, who previously ran tech firms BMC Software and Polycom.
McAfee reported sales of $1.4 billion for the first six months of 2020, up nearly 9% from a year ago. It also eked out a small profit in the first two quarters after losing money in the same period of 2019.
But McAfee faces some notable challenges as well. The company currently has $4.8 billion in debt. McAfee said it plans to…
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