McAfee Corp. Cybersecurity Software lists for an IPO on the U.S. Exchange

McAfee Corp. has announced to go public, adding to the listing of companies rushing to cash in on a hot market for U.S. initial public offerings.

McAfee Corp. has announced to go public, adding to the listing of companies rushing to cash in on a hot market for U.S. initial public offerings. McAfee is a cybersecurity software maker and is based in California. It listed the offering of $100 million on Monday with the U.S. Securities and Exchange Commission.

According to data by Bloomberg, “Software companies account for $12.8 billion of the $102 billion raised this year on U.S. exchanges. Shares of those newly public software companies have gained 78% on a weighted average basis.”

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The chipmaker said, “Security has become extremely important to computer users and that integrating security functionality into its processors would be valuable. That high-level justification for the purchase was never translated into practical applications which enhanced Intel’s main business. The unit continued on primarily as a retail software vendor not connected tightly to its parent’s offerings.”

According to the filling made by the end of June, McAfee had a profit of $31 million on the revenue of 1.4 billion. It had lost $146 million on revenue of $1.29 billion during the same time period the previous year. The share sale was led by Morgan Stanley, Goldman Sachs Group Inc., TPG Capital, Bank of America Corp., and Citigroup Inc. McAfee now plans to list on Nasdaq Global Select Market under the symbol MCFE.