DIY website developer Wix.com Inc. last night filed papers with the US Securities and Exchange Commission (SEC) raise up to $100 million in an initial public offering at a company valuation of $500 million. The company, which plans to list its shares on the New York Stock Exchange under the "WIX," ticker, did not indicate how many shares it intended to sell or at what price they would sell them.
In June, the company filed confidential papers and a shelf prospectus to raise up to $75 million at a company value of $400 million.
In yesterday's filing, Wix also said it has enjoyed 14 consecutive quarters of revenue growth and that revenue had been $34.1 million in the first half of 2013, up 80% from $18.9 million in the corresponding period of 2012. Wix's net loss widened to $10.1 million during the first half of 2013, up from $7.8 million in the corresponding period.
Wix, founded in 2006 by CEO Avishai Abrahami, his brother, Nadav, who serves as VP R&D, and CTO Giora Kaplan, has developed an online platform for people to quickly and easily create their own websites. The company has raised $66 million to date from Benchmark Capital, Bessemer Venture Partners, DAG Ventures, DS Capital, Insight Ventures, and Mangrove Venture Capital.
Wix's cloud-based tool, which provides templates that allow individuals and businesses to build sites in HTML5 via an app market and drag-and-drop editor, has 37 million registered users and 680,000 subscribers.
The IPO will be underwritten by J.P. Morgan Securities, Bank of America Merrill Lynch, RBC Capital Markets, and Needham & Company.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013