Expectations were high for anti-virus maker AVG Technologies (AVG) when it announced its plans to go public. Revenues were growing and many investors believed it was attractive on a valuation basis. But the stock dropped 18.75% on its opening day, the single largest drop for any IPO this year.
Analysts blamed the heavy competition AVG faced and noted that competitors like Symantec and McAfee had struck tie-in deals with PC makers while AVG relied on attracting customers through its online 'freemium' model. There were also concerns that AVG didn't have a suitable mobile version of Safe Search, its most successful product. Six months later, the stock was down by 33%.
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