January 17, 2012 / 3:31 PM / 7 years ago

AVG Technologies sees IPO priced at $16-$18 apiece

(Reuters) - AVG Technologies NV said it expects to sell 8 million shares at $16 to $18 apiece in its initial public offering, less than a week after the anti-virus software maker filed to go public.

In its latest filing with the U.S. Securities and Exchange Commission, the company said it will sell 4 million shares, while some stockholders will offer the rest.

The filing revealed that selling stockholders include Intel Capital, Grisoft Holdings and PEF V Information Technology II, while private equity firm TA Associates will not sell any shares in the offering.

On Friday, AVG — known for its free suite of anti-virus products — filed with the U.S. Securities and Exchange Commission to raise up to $125 million from its IPO.

At the mid point of the company’s expected IPO price, the company will have a market cap of around $925 million.

There has been a spurt in demand for data protection services given the constantly evolving cyber threat landscape and the sensitive nature of the data.

AVG’s filing follows Avast Software BV, another Europe-based anti-virus software maker and cloud-based data security provider Proofpoint Inc, both of which filed to go public in December.

The company, which competes with Symantec and McAfee, monetizes its large user base through targeted advertisements and by driving traffic to online search companies such as Google Inc (GOOG.O) and Yahoo Inc YHOO.O.

In March, the company had entered a $235 million term loan facility with a syndicate of lenders, under which it may borrow up to $100 million in additional loans.

The syndicate of lenders included affiliates of J.P. Morgan Securities and Morgan Stanley & Co, both among the underwriters for the offering. Goldman Sachs & Co. is also among the book-runners to the offering.

The Netherlands-based company, which intends to list its shares on the New York Stock Exchange under the symbol “AVG,” had 106 million active users as of September 30, 2011, according to the filing.

Reporting by Aman Shah in Bangalore; Editing by Joyjeet Das

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