AVG looks to raise US$125m in IPO

Security software vendor AVG has applied to list on the New York Stock Exchange, in an Initial Public Offering (IPO) that will look to raise up to US$125 million.

The move follows a year IPOs from tech companies including Zynga, LinkedIn,Groupon and our own Trade Me, as well as a consistently rumoured offering from Facebook.

AVG reported net income of US$99.7 million and total revenue of US$198.1 million in the nine months ended September 30, 2011, with 106 million active users as of that date.

The number of shares to be offered and their price range are yet to be determined, and the company has only indicated it will use the proceeds from the offering ‘for general corporate purposes’, although its statement does confirm that this may include acquisitions.