KNOT sets its initial pricing range:
biz.yahoo.com
Wednesday November 10, 5:59 pm Eastern Time
Knot Inc. sets IPO at 3.5 mln shrs, $8-$10 a shr
NEW YORK, Nov 10 (Reuters) - Online wedding site The Knot Inc. on Wednesday set its initial public offering at 3.5 million shares at a projected price range of $8-$10 per share, according to its filing with federal regulators.
The New York-based company said it plans to use the $35 million in expected proceeds from the offering for general corporate purposes, capital expenditures and working capital.
The lead underwriter on the deal is Credit Suisse First Boston. The company said there will be 13,973,103 shares outstanding after the offering, according to its filing with the U.S. Securities and Exchange Commission.
It plans to trade on the Nasdaq stock market under the symbol ``KNOT.'
Every year more than 2.4 million couples get married in the United States, generating more than $45 billion in retail sales. According to a recent survey, the average couple spends about $19,000 on a wedding, the company said.
Since the site was launched in July 1997, the Knot (www.theknot.com) has grown into a virtual shopping and planning destination with more than 395,000 couples currently enrolled. The company said 1,000 couples enroll every day.
The Knot also sports a database of about 13,000 local wedding vendors in 52 markets nationwide, as well as a database of more than 15,000 bridal gowns from 140 designers.
It also offers a number of interactive planning tools, including a budget keeper, a wedding checklist and a place where couples can build their own Web site. It also hosts chat discussions and message boards for couples to exchange ideas.
The company showed a net loss of $6.0 million, or 67 cents per diluted share, for the third quarter of 1999, over a loss of $830,000, or 19 cents per diluted share, in the year-ago period.
Revenues for the third quarter were $2.6 million versus $826,000 in the third quarter of 1998.
In July 1999, the Knot acquired online wedding supply store Bridallink.com and Click Trips Inc., an online travel agency. It also recently acquired Wedding Photographers Network, an online database of wedding photographers. |
