Digital advertising company Eyeblaster Inc. plans to raise up to $115 million in an IPO on Nasdaq. The amount is the same that the company planned to raise in its first attempt at an IPO in 2008.
The company yesterday filed a registration statement with the US Securities and Exchange Commission (SEC). The company did not state in the prospectus the number of shares to be offered or the price range for the offering. It can therefore only be assumed that the company value for the IPO will be a few hundred million dollars. However, it cannot be ruled out that the valuation will be less than in the previous attempt.
Eyeblaster withdrew its first attempt at an IPO in later 2008 when the climate in the primary market changed with the onset of the global financial and economic crisis.
Eyeblaster added that the IPO will include an offer to sell by some shareholders. JP Morgan Securities Inc. and Deutsche Bank Securities Inc. are the joint bookrunners and Pacific Crest Securities LLC, FBR Capital Markets & Co., ThinkEquity LLC, and Broadpoint Capital, Inc. are the co-managers for the proposed offering.
Eyeblaster, founded 11 years ago, will now attempt to go public after becoming profitable; the company posted a net profit of $8.2 million on $65.1 million revenue in 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2010
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