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?
Czech-founded Internet and mobile security software group AVG Technologies — due to begin trading on the New York Stock Exchange on Thursday —has set the pricing of its initial public offering of 8.0 million ordinary shares at $16.00 per share (the low end of the $16-$18 range initially announced).
Founded by Czechs Tomáš Hofer and Jan Gritzbach in 1991, AVG Technologies hopes to raise up to $125 million from an initial public offering (IPO) on the New York Stock Exchange (NYSE), the server E15.cz reported Monday. AVG announced on Jan. 13 that it has filed the required Registration Statement with the US financial sector regulator, the Securities and Exchange Commission (SEC).
Czech-based anti-virus software developer AVG Technologies appointed Ricardo Adame as corporate vice president of global public relations. Adame has 20 years’ experience in corporate communications, public affairs and corporate social responsibility. Adame will be responsible for developing and executing AVG’s strategic communications agenda. Based in Prague, he will oversee AVG’s global public relations initiatives.
AVG becomes the latest CEE company to shelve plans of an initial public offering on the Warsaw Stock Exchange, opting instead opting instead to raise funds with a bond issue of up to $300 million, Reuters reported Wednesday. AVG’s leading shareholder Enterprise Investors announced the decision along with its exit from PharmaSwiss for €52.5 million.