McAfee shares open below IPO price of $20

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Cybersecurity firm McAfee returned to Wall Street on Thursday and it commenced trading on the Nasdaq under the ticker symbol “MCFE”. In this IPO transaction, McAfee sold 37 million shares and raised $740 million in funds. McAfee is an antivirus software provider that provides cyber security solutions for data centers and cloud services.

The stock opened at $18.60, below the $20 IPO price. It then fell further to below $18.50 and closed at 18.70 on Thursday. As per the closing, McAfee's market value is approximately $8 billion.

McAfee, founded in 1987, was one of the pioneers in the development of antivirus software, and in 2011, the company was bought by Intel for $ 7.7 billion and in 2014 renamed Intel Security. But after Intel sold its majority stake to the private equity firm Texas Pacific Group (TPG), the name was restored.

The company has generated $1.4 billion in revenue through June of this year compared to $1.2 billion in the same six months a year ago. Meanwhile, the company currently has $4.8 billion in debt.

“The markets we play in are large, growing and important and we realize there’s a great need for what we bring to the table,” McAfee Chief Executive Officer Peter Leav said. “We are going to invest in our fast-growing consumer business and in our enterprise businesses, where there’s a need for a broader portfolio,” he added.

Read more- https://gulfbrokers.com/en/mcafee-shares-open-below-ipo-price-of-20
 
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