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Avast submits London listing prospectus
Posted on Thursday, 12 April 2018 13:39
Avast has set the wheels in motion for an initial public offering (IPO) in London expected to raise USD 200.00 million in primary proceeds that would provide greater financial flexibility to drive future growth.
The cybersecurity software developer’s listing implies a multiple of 3.0x net debt to adjusted cash earnings before interest, tax, depreciation and amortisation (EBITDA) for the last 12 months.
While the group intends to use proceeds to pay down debt, some shareholders are planning take advantage of the IPO to make a partial realisation of their investment.
Avast, which is currently backed by CVC, with a 29.0 per cent stake, and Summit Partners (7.0 per cent) plans to be admitted to trading in early May 2018 with a free float of at least a quarter of the issued share capital.
The company is one of the largest security companies in the world using next-generation technologies to fight off cyberattacks in real time.
It had more than 435.00 million users worldwide, as of 31st December 2017, including more than 145.00 million mobile clients and over 290.00 million personal computer software consumers, some six times more than the nearest competitor.
Avast booked adjusted billings of USD 811.00 million in 2017 and revenue of USD 780.00 million, representing a compound annual growth rate of 9.0 per cent and 8.0 per cent, respectively, over the three years ended 31st December 2017.
The group’s adjusted cash EBITDA advanced by a CAGR of 13.0 per cent to USD 451.00 million over the same timeframe.
Headquartered in the Czech Republic, Avast has a global user base, with about 35.0 per cent of users based in the Americas, 48.0 per cent in Europe, the Middle East and Africa, and 17.0 per cent in Asia Pacific in FY 2017.
The group operates in a market worth an estimated USD 14.50 billion for the year ended 31st December 2017, and which is expected to have revenues of USD 21.30 billion in 2021, representing a CAGR of 10.0 per cent.
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