Cybersecurity firm McAfee Corp. is looking to raise up to $814 million in its initial public offering, the company said today.

McAfee, which was once an independent company before being acquired by Intel Corp. in 2010 for $7.68 billion, was spun off in a deal announced in September 2016 and completed in April 2017. Private investment firm TPG has held a majority stake in the firm since that time.

McAfee, which has no relationship with its founder John McAfee other than a shared name, no doubt much to its relief, announced plans to go public in September. McAfee comes into its IPO with net revenue of $1.4 billion in the six months through to June 27.

The company is looking to sell nearly 31 million shares, according to an amendment to its S-1 registration statement filed today with the U.S. Securities and Exchange Commission. Reuters reported that the company is targeting a price range of $19-$22 per share with the top end of the range valuing the firm at $9.5 billion.

McAfee, which says it has its cybersecurity software installed on more than 600 million devices, has some mixed financials. In a rarity for a tech IPO, McAfee is actually profitable, having booked $31 million in net income for the first six months of the year.

But there’s a catch, and that’s debt. According to Barrons, McAfee’s long-term debt stood at $4.7 billion as of June 27. Companies saddled with debt are not particularly unusual, but the figure is on the high side and though McAfee may be slightly profitable, it’s a figure investors will pay attention to. Indeed, McAfee said in its filing that a portion of the proceeds from its IPO will be used to pay down its debt.

McAfee’s IPO comes as exits, particularly through initial public offerings, are near record highs. In the third quarter, exits hit $103.9 billion and included Snowflake Computing Inc., Palantir Technologies Inc., Asana Inc. and Unity Software Inc.

In the quarter through to the end of the year, McAfee will not be alone as IPOs from the likes of Airbnb Inc. and DoorDash Inc. are expected.

Image: McAfee