Shares in Czech anti-virus software firm AVG tank in NYSE debut, despite solid fundamentals

AVG is battling free-to-pay vendors like Avast! and Avira along with giants like Symatec, Intel’s McAfee, Eset, and Kapersky Labs

Markets & Finance|Companies

Brian Kenety | 03.02.2012

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Alpha Associates partner Richard Seewald, an original investor in AVG — back when it was called Grisoft and he was a partner in the Prague-based investment group Benson Oak Capital — remains bullish on the Czech firm’s prospects

Czech-founded AVG Technologies, the “freemium” Internet and mobile security software group best known for its anti-virus products, had a rather inauspicious start to its first day on the New York Stock Exchange (NYSE) — shares plummeted at the opening from its IPO price of $16, ending down more than 18% with the closing bell. AVG’s numbers look good, so why the cold reception?

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