NEW YORK: Shares of McAfee Corp fell 7 per cent in their market debut on Thursday , marking a disappointing opening for the cyber security firm after it raised about US$620 million in its initial public offering.
The stock opened at US$18.60 per share, compared with its IPO price of US$20 per share. At the debut price, the company was valued around US$8 billion.McAfee priced its IPO towards the lower end of its targeted range between US$19 and US$22 per share.It was then turned into a joint venture with TPG Capital in a deal which valued the company at US$4.2 billion, including debt. Thoma Bravo took a minority stake in McAfee in 2017.
In the first half of 2020, McAfee's net revenue was US$1.4 billion with a net income of US$31 million."The markets we play in are large, growing and important and we realise there's a great need for what we bring to the table," McAfee Chief Executive Officer Peter Leav told Reuters."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.
The cyber security firm's IPO comes in the wake of strong market debuts from gaming platform Unity Software Inc and online prescription drug firm GoodRx.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: YahooSG - 🏆 3. / 71 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »