Here it is!
MarketWatch.com to Sell 2.75 Million Shares for $10-$12 in IPO
Washington, Nov. 27 (Bloomberg) -- MarketWatch.com Inc., operator of the CBS.MarketWatch.com financial news Internet site, expects to sell 2.75 million common shares for between $10 and $12 each in its planned initial public offering.
The San Francisco-based Internet news provider plans to raise $26.7 million after expenses at an assumed IPO price of $11 a share. That price would give the company an implied market value of $129.3 million, with about 11.8 million shares to be outstanding, according to its filing with the U.S. Securities and Exchange Commission.
MarketWatch.com initially filed for the first-time stock sale Oct. 13, without providing the expected number or price of shares being offered. Today's submission disclosed the company's expectations for the IPO.
CBS Corp. and Data Broadcasting Corp. now each own half of the Internet news company, whose Web site aims stock quotes, news and chat rooms at individual investors, the filing said. New York- based CBS, owner of the CBS television network, and Midvale, Utah- based Data Broadcasting, a financial information provider, each will retain a 38.3 percent stake in MarketWatch.com after it goes public.
New investors are being offered 23.4 percent of the company, according to the filing.
MarketWatch.com, headed by Chief Executive Larry Kramer, expects to use $5 million of the money being raised for marketing costs next year. Another $3 million will go to repay debt to Data Broadcasting, with the rest going for general purposes and possible future acquisitions. MarketWatch.com said it isn't now in talks for any acquisitions.
The company, which isn't profitable to date, had revenue of $1.8 million in the third quarter this year, leading to a net loss of $2.5 million, or 28 cents a share based on the number of shares outstanding before the IPO, according to the filing.
BT Alex. Brown Inc. and Donaldson, Lufkin & Jenrette Securities Corp. will underwrite the stock sale, with Salomon Smith Barney Inc. and First Albany Corp., the filing said.
MarketWatch.com plans to have the shares listed for trading on the Nasdaq Stock Market under the symbol MKTW, the company said in its S-1/A registration amendment said.
-joarel |
