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Illustration: Aïda Amer/Axios

McAfee, a San Jose, Calif.-based provider of antivirus and endpoint security software, raised $740 million in its IPO at an initial market value of $8.6 billion.

Why it matters: The company's IPO prospectus lists "brand recognition" as its top competitive strength, even though its eponymous founder was recently arrested on tax evasion and firearms charges. John McAfee, who also was a "person of interest" in a 2012 murder in Belize, is no longer involved with the company.

Details: McAfee priced at $20 per share, within its $19-$22 range, and will list on the Nasdaq (MCFE), used Morgan Stanley and Goldman Sachs as lead underwriters.

  • It reports $31 million of net income on $1.4 billion in revenue for the first half of 2020. Backers include TPG, Thoma Bravo, Intel, and GIC.

Context: This comes in the midst of boom times for cybersecurity stocks, with the Global X Cybersecurity ETF (Nasdaq: BUG) up 34% year to date.

The bottom line: "McAfee’s stock offering comes in the form of a complex 'Up-C' arrangement, which is common among private equity-backed companies and meant to provide tax benefits to insiders. Intel and private equity investors will retain about 82.2 per cent of the company’s voting power," the Financial Times writes.

Go deeper

Dan Primack, author of Pro Rata
Jan 22, 2021 - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

Dave Lawler, author of World
50 mins ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.