Avast slices estimated IPO share price before market entry


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Avast

Avast has reduced the price of its shares ahead of the firm’s Initial Public Offering (IPO), an event expected to become one of the UK’s largest tech-related IPOs.

As reported by Reuters, the expected price range has been cut down to 250-270 pence a share, a reduction from an earlier estimate of 250-320 pence a share.

Founded in 1988, Avast caters for over 435 million users worldwide with its strongest markets marked as the US & Canada, Brazil, France, Russia, and Germany.

While headquartered in the Czech Republic, Avast has offices worldwide including in the US, UK, Canada, Russia, and Japan.

The cybersecurity firm claims to prevent up to two billion attacks per month and offers cybersecurity solutions under the AVG brand.

Avast hopes to sell approximately 25 percent of its stock with the overall aim of raising up to $200 million.

The company is currently backed by private equity firms CVC Capital Partners and Summit Partners and has raised $100 million through two past funding rounds.

Avast is 46-percent owned by founders Pavel Baudis and Eduard Kucera, while CVC Capital Partners accounts for 29 percent, and Summit Partners holds 7 percent.

See also: MongoDB to raise $192m in IPO at $24 a share

The IPO is expected to take place on Thursday. Based on the new market guidance, Avast may achieve a market capitalization of between $3.38 billion and $3.65 billion once listed, as noted by the publication.

Avast had previously planned an IPO which was due to take place in the US in 2012. However, the cybersecurity firm quashed its plans, citing “overall bad market conditions.”

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