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DoubleClick Inc. Files For $30M IPO
DoubleClick Inc., the Internet advertising network, filed this morning for a $30 million initial public offering that would value the entire 2-year-old New York company at $190 million.
DoubleClick said it plans to sell 2.3 million shares at $12 to $14 each, with 345,000 additional shares if the offering sells out through underwriters BT Alex. Brown, Cowen & Co. and Goldman, Sachs & Co.
In its filing, DoubleClick said it had revenue of $19.66 million and a net loss of $4.61 million in the first nine months of 1997, compared with revenue of $6.51 million and a net loss of $3.19 million for all of 1996, its first year in business.
The company said it had $12.7 million in cash as of Sept. 30 and has 171 employees.
Principal shareholders in DoubleClick include founder and Chief Executive Officer Kevin O'Connor, with 2.65 million shares and a 21.2 percent pre-offering stake; Bain Capital Inc., with 2.18 million shares and a 17.7 percent stake; a voting trust representing 180 individuals, with 1.49 million shares and a 12.1 percent stake; and Greylock Management Corp. and ABS Capital Partners, an affiliate of BT Alex. Brown, each with 1.25 million shares and a 10.1 percent stake. Other significant shareholders include the ad agency Bozell, Jacobs, Kenyon & Eckhardt Inc. and the venture firm Venrock Associates.
As of Dec. 15, the filing said, the DoubleClick Network consisted of more than 60 Web sites grouped together by the company in defined content categories. In November, it said, approximately 750 million ads were delivered on the Network.
DoubleClick can be reached at doubleclick.net
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