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Avast Software postpones proposed Nasdaq IPO-underwriter
July 25, 2012 / 3:12 PM / 5 years ago

Avast Software postpones proposed Nasdaq IPO-underwriter

* Was expected to go public on Thursday

* Cites market conditions

July 25 (Reuters) - Avast Software BV, a Dutch security software services provider, has postponed its proposed initial public offering in the United States, citing market conditions, underwriters said.

Avast, known for its popular avast free anti-virus software, had planned to price 9 million shares at between $9 and $11 each later on Wednesday, raising up to $99 million.

The company’s shares had been expected to begin trading on the Nasdaq on Thursday under the symbol “AVST”.

Fender Musical Instruments also cited unfavorable market conditions, particularly in Europe, when it withdraw its planned IPO on the Nasdaq last week.

Until then, there were signs that the IPO market was reviving after a month-long lull in the wake of the botched Facebook offering in May.

Avast was hoping to follow fellow Dutch anti-virus provider AVG Technologies NV, which went public in February.

UBS Investment Bank, Deutsche Bank Securities and Jefferies were the lead underwriters to the offering. (Reporting by Aman Shah in Bangalore; Editing by Ted Kerr)

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