Friday, 24 March, 2023

McAfee raises $620 mn in US IPO

<p>McAfee raised $620 mn by selling share at $20 a piece in Wednesday IPO&#39;s valuing the firm at $8.6 bn.The company, which had aimed to sell 37 mn shares at $19-22 per piece, had a debt of $4.8 bn by the end of June. McAfee&#39;s revenue in 2019 was $2.6 bn with a net loss of $236 mn. In the H1 of 2020, McAfee&#39;s revenue reached $1.4 bn, while net income was $31 mn. TPG, in 2016, acquired a majority stake in McAfee from Intel valuing the company at $4.2 bn.</p>