Software business Avast cuts its IPO price as it floats at £2.4bn

 
Lucy White
The Square Mile - London's Financial District
Avast will still be the largest ever tech IPO in London (Source: Getty)

Software firm Avast this morning confirmed it has set the price for its London initial public offering (IPO) at 250p per share – the bottom of its original guidance range.

Avast initially guided that it could float for between 250p and 320p per share, which would have given it a maximum market value of more than £3bn.

The IPO will still be the largest tech float ever in London, but the Prague-based company will now be valued at £2.4bn when it hits the public markets. Conditional dealings in the shares will begin today, while trading on the main market will begin next Tuesday.

Read more: Cyber security firm Avast set for London’s largest tech listing at £2.8bn

Vince Steckler, Avast's chief executive, said that today was a "significant milestone" for Avast and he was "confident that our listing on the London Stock Exchange will help support further growth".

The IPO will see private equity firms CVC and Summit Partners sell down their stake in Avast, in one of the few private equity-backed floats which has gone ahead this year. CVC had also had plans to float Sky Bet, but it was sold earlier this month to the Canadian owner of Pokerstars.

Read more: Private equity-backed floats outperform the market

Related articles