McAfee, a leading provider of antivirus and endpoint security software, announced terms for its IPO on Tuesday.
The San Jose, CA-based company plans to raise $759 million by offering 37 million shares (21% secondary/synthetic) at a price range of $19 to $22. At the midpoint of the proposed range, McAfee would command a fully diluted market value of $9.6 billion. The company plans to offer a quarterly dividend, with an annual dividend yield of 1.7% at the midpoint of the price range.
McAfee is a leading brand in cybersecurity used by consumers, enterprises, and governments. Its consumer-focused products protected over 600 million devices as of June 27, 2020.
McAfee was founded in 1987 and booked $2.7 billion in sales for the 12 months ended June 27, 2020. It plans to list on the Nasdaq under the symbol MCFE. Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities, Citi, RBC Capital Markets, Deutsche Bank, UBS Investment Bank, HSBC and Mizuho Securities are the joint bookrunners on the deal. It is expected to price the week of October 19, 2020.
