AllAdvantage.com files to raise $150 mln in IPO
WASHINGTON, Feb 7 (Reuters) - AllAdvantage.com Inc., which connects businesses and consumers using a proprietary Web interface and a database of member profiles, filed on Monday to raise as much as $150 million in an initial public offering.
Its members are able to receive personalized instant messages from sponsors as they surf the Internet while maintaining their privacy and anonymity, as well as receive rebates from retailers.
The company, based in Hayward, Calif., did not reveal how many shares it planned to offer or for how much in the preliminary prospectus filed with the Securities and Exchange Commission.
AllAdvantage.com said it would use the proceeds from the IPO for general corporate purposes including working capital, capital spending and possible acquisitions.
More than 5.3 million people have registered to receive its service, which was launched in July 1999 and contains direct links to more than 400 Internet sites.
From March 24 to Dec. 31, the company had $5.2 million in revenue and $36.6 million in net losses, the filing showed.
James Jorgensen, 51, helped found AllAdvantage.com and has been its chief executive officer since March 1999.
The $150 million figure in the IPO filing was merely a basis for calculating the SEC registration fee, the company said. It has applied to trade its shares on Nasdaq under the symbol ''AADV'' (NasdaqSC:AADV - news) once it goes public.
Credit Suisse First Boston, Donaldson, Lufkin & Jenrette and Robertson Stephens are the joint book-running managers.
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