Cybersecurity group Avast BV is targeting a market cap of between £2.5bn to £3.2bn in its initial public offering (IPO), which potentially makes it the biggest London listing since July last year, according to Reuters.
The news group said the bookrunner for the float gave a price range of between 250p to 320p per share, and is aiming to sell 25% of the firm to raise around US$200mln from the issue of new shares, which will be admitted to the London Stock Exchange main market on May 10.
READ: Cybersecurity provider Avast Holding intends to float on London Stock Exchange in May
Avast - headquartered in the Czech Republic - is a security software provider with more than 435mln users worldwide as at 31 December 2017, including more than 290mln personal computer software users, around six times more than the group's nearest competitor, and more than 145mln mobile users.
The company offers products in two segments - consumer products and products for the small and medium business market. Avast said its products protect users’ security, privacy and improve device performance.
In 2017, the group’s adjusted revenue was US$780mln, adjusted billings was US$811mln and adjusted cash underlying earnings (EBITDA) was US$451mln.
The current record for biggest London listing is held by Russian gold company Polyus, whose float gave it a £6.3bn market value.