Technology and antivirus company AVG prices IPO

Tim Gibbon (Social Media Portal (SMP)) - 02 February 2012

Technology and antivirus company AVG prices IPO

With the world focused on Facebook?s IPO, technology company AVG Technologies N.V., more widely known as an antivirus software maker couldn?t of picked a more volatile time to press release details of its initial public offering (IPO).

AVG has provided internet and related security software since 1991, amassing an estimated 106 million users (as of 30 September 2011) having its product range used for both business and personal protection. It?s created arguably the most well-known free antivirus product and wasn?t best pleased with Microsoft creating its own free antivirus software in 2008, prompting it to issue a press release highlighting the issues that the move by the Seattle-based beast would have upon users worldwide.

Fast-forward some years later, AVG joins the ranks of other software and technology businesses, all slogging it out in a more aggressive and competitive marketplace pricing its own IPO.

The pricing of its IPO of 8.0 million ordinary shares is priced to the public at $16.00 per share. The shares will begin trading on the New York Stock Exchange on today under the ticker symbol "AVG." A total of 4.0 million shares are being offered by AVG, and a total of 4.0 million shares are being offered by selling shareholders. In addition, certain selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares to cover over-allotments, if any. AVG will not receive any proceeds from the sale of shares by the selling shareholders. Read the full press release at the Social Media Portal (SMP). May the IPO battles begin!

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