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McAfee.com expects to raise $75 million in IPO

With its trading debut imminent, McAfee.com prices its shares at $12 each, at the high end of a range that was increased today on the strength of investor demand.

With its trading debut scheduled for tomorrow, McAfee.com priced its shares at $12 each, at the high end of a range that was increased today on the strength of investor demand.

McAfee.com will raise $75 million based on the 6.5 million shares the company plans to float in an offering underwritten by Morgan Stanley, BancBoston Robertson Stephens and Hambrecht & Quist.

Earlier today, the company raised its IPO range to $10 to $12 a share from its initial range of $6 to $8.

McAfee.com is a wholly-owned subsidiary of Network Associates, a supplier of enterprise network security and management software perhaps best known for its McAfee brand antivirus products. Following the offering, Network Associates will own 95 percent of the company's voting shares.

Network Associates set up Tune in to CNET News.com TV's IPO Forecast McAfee.com as its online arm late last year. While Network Associates will continue to sell "shrink wrapped" software through retail stores, McAfee.com will operate as an applications services provider, in effect renting the same software to consumers over the Internet.

During the first nine months of 1999, McAfee.com lost $21.798 million, or 61 cents a diluted share, according to a recent SEC filing.