McAfee Corp has filed for a U.S. initial public offering (IPO). The cyber security firm however did not disclose the size of its offering and set a placeholder amount of $100 million.
According to its filing, McAfee will be listing its shares on the Nasdaq under the ticker symbol “MCFE”.
The development comes at a time when blockbuster IPOs are waiting in the pipeline, including that of Central Intelligence Agency-backed Palantir Technologies and workplace app Asana Inc, who are set to make their market debuts this week.
In 2016, buyout firm TPG had acquired a majority stake in McAfee from Intel in a deal which valued the company at $4.2 billion, including debt.
The cyber security company has grown its main cyber security consumer-focused software business through price increases, new partner programs and good retention rates in the last few years.
This growth has offset weaknesses in its business of serving other companies, which continue to remains competitive, according to Moody’s.
In the year ended December 2019, McAfee’s revenue jumped by 9.4% to $2.64 billion and its net loss narrowed to $236 million from $512 million.
McAfee has also hired Peter Leav, the former CEO of BMC Software, to lead the company from the helm.
Goldman Sachs, Morgan Stanley, BofA Securities, TPG Capital BD, and Citigroup are the lead underwriters to the offering.