Avast’s share offering is slated to be one of the biggest tech IPOs to hit Britain.
On Wednesday, Avast stated it has reduced reduced its price expectations for its landmark initial public offering (IPO) to 250-270 pence a share, down from its earlier range of 250-320 pence.
Avast aims to sell around 25% of its stock and raise up to $200 million, in what is expected to be one of Britain’s biggest ever technology IPOs.
Based on its updated price guidance, Avast aims to achieve a market capitalization of between $3.38 billion and $3.65 billion (2.5 billion and 2.7 billion pounds) on listing.
As per a bookrunner, the market admission will take place on Thursday.
Last year, Avast’s adjusted revenues was $780 million while its adjusted cash earnings before interest, tax, depreciation and amortization (EBITDA) was $451 million.
With a net debt of around $1.35 billion, Avast’s market capitalization could be up to $5.9 billion after its IPO.
Czech entrepreneurs Pavel Baudis and Eduard Kucera, Avast’s founders, own 46% of the company, while CVC Capital Partners owns 29% stake; Summit Partners has a 7% stake too.