E-commerce services provider Borderfree Inc. plans to raise a gross $70-80 million in an issue of five million shares at $14-16 per share in its Nasdaq IPO, according to its filing with US Securities and Exchange Commission (SEC) on Tuesday. The offering will be held at a company value of $427-488 million, before money, with a midpoint of $457 million. It will be listed under the symbol BRDR.
The underwriters have an over-allotment option to buy additional shares, which if exercised in full, will boost the offering by $10.5-12 million, up to a gross $92 million.
Although Borderfree's revenue rose 36% to $110.5 million in 2013, it swung to a loss of $654,000 in 2013 from a net profit of $192,000 in 2012.
The prospectus states that Pitango Venture Capital, Delta Ventures, and Adams Street Partners will remain prominent stakeholders in Borderfree after the IPO. It adds that Pitango managing partner Isaac Hillel is listed as the largest shareholder, with a stake of 33%, which will fall to 27% after the IPO.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2014
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