Avast has applied to list its shares on the London Stock Exchange.
The cyber security firm is now awaiting approval from the London Stock Exchange to publicly float its shares, according to Reuters. Valued at around £2.8 billion the listing of the Prague-based firm is expected to take place in early May. It would represent the largest ever UK technology IPO.
Vincent Steckler, CEO of Avast, said: “A listing on the London Stock Exchange is a natural fit, providing us wider access to capital markets and supporting the future growth of our business in the years ahead.”
He added: “The Group has performed in line with its expectations in the first three months of 2018. The Group continues to deliver attractive organic growth and outperform the market. As a result, the Group continues to expect high-single digit revenue growth at constant currency in 2018."
The listing will see a free float of at least 25 per cent of Avast’s issued share capital with the aim of raising around $200 million in primary proceeds. The thinking behind floating is to free up funds to pay off company debt and drive future growth.
Avast appointed Rothschild in 2012 in order to prepare it for the London Stock Exchange. The appointment came after Avast’s previous attempt to float on the Nasdaq failed in 2012. Morgan Stanley and UBS have also been appointed joint global co-ordinators and lead book runners.