(Reuters) - Anti-virus software maker AVG Technologies NV priced its initial public offering at $16 per share, at the low end of the expected range, according to a market source.
AVG, which is known for its free suite of anti-virus products, monetizes its large user base through targeted advertisements and by driving traffic to online search companies such as Google Inc and Yahoo Inc
The company, which competes with Symantec and McAfee, was expecting to price its IPO of 8 million shares between $16 and $18 a share.
In its latest filing with the U.S. Securities and Exchange Commission, the company had said it will sell 4 million shares, while some stockholders will offer the rest.
At the $16 offering price, AVG, backed by Intel Capital, Grisoft Holdings and private equity firm TA Associates, would raise $128 million, valuing the Netherlands-based company at $870.1 million.
Shares of the company are expected to begin trading on the New York Stock Exchange under the symbol “AVG”.
Morgan Stanley & Co, J.P. Morgan Securities and Goldman Sachs & Co were the book-running managers for the AVG offering.
Reporting by Himank Sharma in Bangalore; Editing by Gary Hill