Report: McAfee Could Fetch $8B Valuation In IPO

McAfee, partly owned by Intel Corporation INTC, is reportedly pursuing an initial public offering that would value the cybersecurity company at $8 billion or more, Bloomberg reported.

McAfee reportedly hired a small handful of banks to oversee an IPO this fall, sources told Bloomberg. The cybersecurity company's roots dates back to 1989 and was bought by Intel for $7.7 billion in 2010. Seven years late, Intel sold a 51% stake in the company to TPG and Thoma Bravo.

Why It's Important

The past two years have proven to be kind to new cybersecurity stocks, most notably Crowdstrike Holdings Inc CRWD, which is up more than 100% since its June IPO. Zscaler Inc ZS is up more than 80% in 2019 and up more than two-fold from its early 2018 IPO.

If reports are accurate, McAfee's valuation rose from similar rumors in July when the company was preparing for an IPO at a $5 billion valuation.

McAfee has yet to confirm any plans for a public offering and it's possible the company could ultimately decide to scrap any plans, according to the Bloomberg report.

Related Links:

Report: Capital One Cyberbreach A Result Of High Turnover

Analysts: FireEye Shows 'Encouraging Signs Of Growth,' But 'More Pain Ahead'

Photo courtesy of McAfee.