NETZERO to go public this week, should provide a valuation for cybersurf.
Friday August 27, 6:50 pm Eastern Time
NetZero sets terms to raise $115 mln in
IPO
WASHINGTON, Aug 27 (Reuters) - Internet firm NetZero Inc. set the terms of its initial public
offering as it tries to raise $115 million by selling common stock in the company.
The Westlake Village, Calif.-based company said it plans to sell 10 million shares in a projected
range of $9-$11 per share, according to a Securities and Exchange Commission filing.
During June, NetZero had about 613,000 users accessing its free connection to the Internet while
delivering approximately 830 million images from advertisers to those consumers.
The company plans to use the proceeds raised in the IPO to expand its marketing and sales, boost
business by enhancing its server and network infrastructure, fund operating losses and other general
corporate purposes, the filing said.
NetZero, which has applied to sell its shares on Nasdaq under the symbol (Nasdaq:NZRO -
news), had about $15.2 million in net losses in the year ending June 30.
The underwriters, Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette, Hambrecht & Quist, and
Wit Capital Corp., have been allotted 1.5 million in extra shares in the event of heavy demand. |
