McAfee, a US-based cybersecurity firm spun off from semiconductor producer Intel, filed for a $100m initial public offering on Monday to trade on the Nasdaq Global Select Market.
The company has not yet set any terms for the offering.
Founded in 1987 as McAfee Associates, the company produces cybersecurity technology such as antivirus software and endpoint protection for consumers and enterprise clients.
Intel took McAfee private for $7.7bn in 2011, rebranding it as Intel Security in 2014. The corporate subsequently spun off McAfee again in 2016, turning it into a joint venture with TPG Capital that also involved Thoma Bravo taking a minority stake.
Intel retained a 49% stake following the private equity deal’s completion in 2017. McAfee formed a new entity, called McAfee Corporation, in July 2019 for the purpose of its initial public offering.
Proceeds from the offering will allow McAfee to repay a portion of an outstanding loan, which matures in 2025, and support working capital and general corporate purposes.
The filing does not confirm whether Intel’s shareholding remains at 49%, though the corporate owns more than 5% in the business. The other notable shareholder is Manta Holdings, a vehicle for TPG Capital and Thoma Bravo.
Underwriters for the proposed offering include Morgan Stanley, Goldman Sachs, TPG Capital BD, BofA Securities, Citigroup Global Markets, RBC Capital Markets, Deutsche Bank Securities, UBS Securities, HSBC Securities (USA), Mizuho Securities USA, Evercore Group, Piper Sandler and Stifel, Nicolaus & Company.
