Wix Ltd. will try and raise $119 million at a company valuation of $719 million in its IPO on Nasdaq on Wednesday. It will list under the ticker "WIX".
Wix has developed a do-it-yourself website builder, which can be downloaded for free. It will issue 7.7 million shares (29% of its current share capital) at $14.50-16.50 per share.
In October, Wix filed its prospectus with US Securities and Exchange Commission (SEC), in which it stated that it posted a net loss of $18 million on $56 million revenue in January-September 2013, after losing $12 million on $44 million revenue in 2012.
Wix was founded by 2006 by CEO Avishai Abrahami, his brother, VP R&D Nadav Abrahami, and CTO Giora Kaplan. It has 406 employees of whom 85% are in Israel and the rest in the US and Ukraine. Its shareholders include Benchmark Capital, Bessemer Venture Partners, Mangrove Capital Partners and Insight Venture Partners, which may sell shares as part of the IPO.
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2013
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