Avast Software IPO watch: The Czech-based security software company Avast Software filed the amended prospectus with the U.S. Security And Exchange Commission (SEC) on May 7, 2012. Read the update: Avast Software IPO is withdrawn.
Avast intends to apply to list their common stock on the NASDAQ Global Select Market under the symbol “AVST.” The specific Avast IPO price and the number of shares offered in this public offering have not been released yet. Also read: Avast Software IPO price range: $10-$12.
Avast will not receive any of the proceeds from the sale of shares by the selling stockholders. Avast intends to use the net proceeds from the sales of the common stock in the public offering for working capital and other general corporate purposes, acquire or invest in complementary companies, products or technologies.
Avast is a leading global provider of security software delivered through a free-to-premium, or “freemium,” model. The company has a worldwide user base, with over 156 million actively protected devices as of March 31, 2012 in almost every country. The company’s primary rivals include these companies employing the freemium business model such as AVG Technologies and Microsoft Corporation, and these traditional security software companies such as Symantec, McAfee, Trend Micro and Kaspersky Lab.
The company has grown their business rapidly in recent years while maintaining strong levels of profitability and cash flow generation.
The company grew revenues from $25.3 million in 2009 to $48.5 million in 2010, an increase of 91.6%, and to $82.1 million in 2011, an increase of 69.3% from 2010. Adjusted comprehensive income was $12.4 million, $23.9 million and $40.5 million in 2009, 2010 and 2011, respectively, representing 48.9%, 49.4% and 49.3% as a percent of revenues.
UBS Limited, Deutsche Bank and Jefferies are acting as the lead underwriters of Avast Software IPO. Pacific Crest and Macquarie Capital are also involved into this deal.
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