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Cyber security firm McAfee secures $620m U.S. IPO

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The IPO valued McAfee, which is backed by U.S. private equity firms TPG and Thoma Bravo, at $8.6 billion based on total outstanding shares. The company also had $4.8 billion in debt as of the end of June.

In the last few years, McAfee has grown its main cybersecurity software business, which focuses on consumers, through price increases, new partner programs and good retention rates.

McAfee earlier this year hired ex-BMC Software CEO Peter Leav as its new chief executive to replace Chris Young, who created the company in its current form by carving it out of Intel.

McAfee has said its revenue in 2019 was $2.6 billion with a net loss of $236 million. In the first half of 2020, the company said revenue reached $1.4 billion, while net income was $31 million.

McAfee said it plans use to use a portion of the IPO proceeds to pay down part of its outstanding debt.

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