Security Vendor Avast Software Withdraws $90 Million IPO

Jay Decenella, IT audit expert
July 26, 2012 /

Avast Software, which provides consumer security software, withdrew its plans for an initial public offering on Wednesday.

The Prague, Czech Republic-based company was looking to raise $90 million in an offering this week when it postponed its IPO citing poor market conditions.

Underwriters Fender Musical Instruments said market conditions in Europe prompted Avast to withdraw its planned IPO on NASDAQ.

Avast Software was founded in 1988 and booked $91 million in sales for the 12 months ended March 31, 2012. UBS Investment Bank, Deutsche Bank Securities and Jefferies & Co. were set to be the joint bookrunners on the deal.

In February, Dutch anti-virus provider AVG Technologies NV (AVG.N) went public, which would have been followed by Avast last week.

 

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