McAfee, the cybersecurity company founded by tech eccentric John McAfee, has set the terms for its initial public offering, hoping to raise as much as $682 million in a deal that could value the company at $3.64 billion.
McAfee, based in San Jose, plans to sell 37 million shares at a price of $19 to $22 each. The stock will trade on Nasdaq, with the ticker symbol MCFE, the company said in an SEC filing.
Of the 37 million shares, 30,982,558 will come from the company and 6,017,442 from existing stockholders. McAfee expects to have 165.44 million Class A shares outstanding after the IPO.
In the six months through June 27, McAfee posted profit of $31 million, swinging from a loss of $146 million in the year-earlier period. Revenue rose 9% to $1.4 billion from $1.29 billion.
John McAfee founded McAfee Associates in 1987 and ran it until 1994, when he left the company.
McAfee’s anti-virus software was a market leader along with Norton in the 1990s and 2000s. It sold itself to Intel INTC for $7.7 billion in 2011.
In 2016, Intel sold a 51% stake to the San Francisco private-equity firm TPG for $1.1 billion. In its IPO prospectus, McAfee cites TPG and Chicago PE firm Thoma Bravo as investors.
After leaving McAfee Associates, John McAfee founded a raft of companies, including Tribal Voice, which offers the PowWow chat program; QuorumEx and Future Tense Central.
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, to no avail.
McAfee was arrested last week in Spain and is facing extradition to the U.S. on tax evasion charges. In a statement announcing the charges, the Department of Justice noted “The indictment does not allege that
Out on Wall Street, Alteryx (AYX) kicked off the week of trading with a bang. On Monday, the data analytics software company hiked up its revenue guidance for the third quarter and changed up its management team. In reaction, investors sent AYX stock up nearly 28% in Tuesday’s trading session.
The company is now guiding for between $126-$128 million in quarterly revenue, which would reflect a 22%-24% year-over-year increase. This new guidance is significantly higher than AYX’s original $111-$115 million forecast, and above the Street’s $114 million call.
Weighing in on the development for Wedbush, 5-star analyst Daniel Ives told clients, “This was an eye-popping Stanton-like performance and a major bounce back from a soft Q2 and puts AYX back on track heading into FY21 with improved execution a sigh of relief for the bulls.”
Based on Ives’ calculations, the new guidance would put Q3 EPS at $0.18-$0.19, above his and the consensus estimate of $0.12. It would also provide relief for shares after Q2 saw revenue growth decelerate to 17% year-over-year, from 43% year-over-year in Q1, as a result of a significant COVID-19-related slowdown that affected expansion activity with Enterprise and Global 2K customers, in the analyst’s opinion.
On top of this, AYX unveiled the new CEO, appointing industry veteran and current board member Mark Anderson, who will succeed Co-founder and Chairman Dean Stoecker. Stoecker was appointed as Executive Chairman and will continue serving as Chairman of the Board. In response to both news items, shares surged 30% in after-hours trading.
According to Ives, this move “should reassure AYX bulls as Anderson’s expertise and track record with scaling enterprise software organizations, most recently with Palo Alto Networks, keeps the company in good hands on its march towards $1 billion in revenue.”
Expounding on this, the analyst stated,
(Reuters) – Home rental company Airbnb Inc is aiming to raise around $3 billion in its upcoming initial public offering (IPO), people familiar with the matter said on Friday, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry.
Airbnb will be one of the largest and most anticipated U.S. stock market listings of 2020 which has already been a blockbuster year for IPOs, featuring the likes of record label Warner Music Group WMG.O, data analytics firm Palantir Technologies PLTR.N and data warehouse company Snowflake Inc SNOW.N.
Airbnb said in August it had filed confidentially for an IPO with U.S. regulators.
The company’s current plan is to make its filing publicly available in November after the U.S presidential election and is targeting an IPO some time in December, the sources said, requesting anonymity as the plans are private.
The sources cautioned that the timing is subject to change and market conditions, in particular volatility that could come from the election.
A spokesman for Airbnb declined to comment.
The company could achieve a valuation of more than $30 billion in the IPO, the sources added, again cautioning this was subject to market conditions.
This would be substantially higher than the $18 billion Airbnb was valued at in April when it raised $2 billion in debt from investors. Airbnb’s most recent independent appraisal of the fair market value of its stock pegged its worth at around $21 billion.
The push to go public and the growth in its potential valuation underscores Airbnb’s dramatic recovery from earlier this year when
A trust that holds Indian billionaire Mukesh Ambani’s fiber-optic assets is raising 397.1 billion rupees ($5.4 billion) through borrowings and stake sales to units and investment firms of the tycoon’s conglomerate Reliance Industries Ltd., according to a filing.
Digital Fibre Infrastructure Trust will raise about 147.1 billion rupees by issuing units and also raise 250 billion rupees through a loan from group companies to reduce existing debts and fund business expansion, according to the filing to the Securities and Exchange Board of India. The billionaire’s group had been in talks with overseas funds for the capital, local media had reported earlier.
Ambani, 63, who’s expanded his oil-focused conglomerate into telecommunications, technology and retail, is in the midst of raising cash from the assets he created along the way from the diversification. The investment by his own group companies in the trust contrasts with the approach of his digital venture, Jio Platforms Ltd., which mopped up more than $20 billion this year by selling 33% to investors including Facebook Inc. and Google.
Reliance Industries will hold 48.4% of Jio Digital Fibre Pvt. Ltd., according to the filing.
After the success of his wireless carrier, which is now India’s No. 1 with 400 million users, Asia’s richest man is offering broadband services across the country through his fiber-optic network. The tycoon is seeking to dominate telecommunications as he sees it as a platform to deliver many services online — e-commerce, entertainment, education and health care among others.
The transformation of Mumbai-based Reliance is a bet on India’s consumers, as millions use smartphones to access such services. Ambani has also started selling stakes in his retail unit. KKR & Co., Silver Lake and General Atlantic and Mubadala have invested more than $3 billion in the business.
South Africans were cheered Wednesday with two announcements many thought would never come: Arrests in relation to state corruption and plans to auction new internet spectrum.
Four government officials and business people were detained as part of an investigation into a 255 million-rand ($15-million) asbestos audit project awarded by a provincial housing department, according to a police unit. The move is a rare sign of progress in the fight to curb graft that became rife under former President Jacob Zuma.
Read More: South Africa Authorities Arrest Four in Asbestos Audit Probe
His successor, Cyril Ramaphosa, launched an inquiry into corruption shortly after ousting Zuma in early 2018, but many South Africans have become disillusioned with the process as few culprits have been held accountable. That only worsened at the height of the country’s Covid-19 pandemic, when a string of dubious contracts to supply personal-protection equipment came to light.
The auction of new broadband spectrum is another government pledge that has been delayed for years. Yet the industry regulator on Wednesday laid out plans to sell more than 8 billion rand worth over the next six months. Ramaphosa had included the initiative in an economic-revival plan published earlier this month, which also contained promises to fight graft.
Read More: South Africa Starts $479 Million Sale of Internet Spectrum
Vodacom Group Ltd. and MTN Group Ltd. have long called for more spectrum to help grow in their domestic market. They claim the lack of bandwidth is responsible for the country’s relatively high data prices, another source of public disgruntlement.