Czech antivirus software company Avast Software announced Wednesday it has registered with the US Securities and Exchange Commission (SEC) and plans a $200 million initial public offering in New York of its common stock.
“The number of shares to be offered and the price range for the offering have not yet been determined. A portion of the shares will be issued and sold by Avast, and a portion will be sold by certain stockholders of AVAST,” the company said in a press release.
Avast was founded by Czech computer enthusiasts Eduard Kučera and Pavel Baudiš in the early 1990s. The Netherlands-registered company employs about 150 people at its headquarters in Prague and has grown to be a leading global provider of security software delivered through a free-to-premium, or “freemium,” model.
Its portfolio of security software is in use by nearly 188 million registered users and 145 million active users. AVAST wrote in the prospectus that the company is constantly expanding the market of medium and small businesses.
For the first half of 2011, Avast reported a profit of $23 million, up from $4.4 million year on year (y/y). Revenue jumped 87% y/y to $37.9 million.
“Our success stems from a customer-focused, free appreciation based business model. Through this model, we provided free of charge to users with high quality security products. We also offer them pay value-added service. With the passage of time, we will also provide more value-added solutions,” it said.
Summit Partners bought an unspecified stake in the company last year for $100 million, Czech business daily Hospodářské noviny reported Thursday, citing Prague Stock Exchange (BCCP) chief Petr Koblic as saying it was unfathomable why the owners do not also plan a Prague IPO.
For the proposed New York offering, UBS Limited and Deutsche Bank Securities Inc. are acting as joint bookrunning managers and Pacific Crest Securities LLC, Morgan Keegan & Company, Inc. and Macquarie Capital (USA) Inc. are acting as co-managers.
