McAfee Raises $740 Million in Initial Public Offering

McAfee raises $740 million after its initial public offering is priced at $20 a share.
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McAfee, the cybersecurity company founded by tech eccentric John McAfee, raised $740 million after its initial public offering of 37 million shares was priced Wednesday night at $20 a share.

The shares had been marketed at $19 to $22.

McAfee, based in San Jose, California, will offer 31 million shares for sale, while existing shareholders will offer 6 million.

The stock will begin trading Thursday on the Nasdaq Global Select market under symbol "MCFE."

Underwriters of the offering included Morgan Stanley, Goldman Sachs Group, TPG Capital, Bank of America and Citigroup.

In the six months through June 27, McAfee posted profit of $31 million, swinging from a loss of $146 million a year earlier. Revenue rose 9% to $1.4 billion from $1.29 billion a year earlier.

John McAfee founded McAfee Associates in 1987 and ran it until 1994, when he left the company.

John McAfee was a person of interest in a 2012 murder in Belize, though wasn’t charged with a crime, Bloomberg reported. Last year, he was detained in the Dominican Republic for entering the country with firearms and ammunition.

In 2016, he sought the Libertarian Party nomination for president, losing to former New Mexico Gov. Gary Johnson. He gave it another shot this year but also came up empty.

Since leaving McAfee Associates, he has founded a number of companies, including Tribal Voice, which offers the PowWow chat program; QuorumEx and Future Tense Central.

McAfee’s anti-virus software was a market leader along with Norton in the 1990s and 2000s. It was sold to Intel for $7.7 billion in 2010.