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Bamboo.com Files to Raise $57.5 Mln Through Initial Offering bamboo.com Bloomberg News June 15, 1999, 9:29 a.m. PT Washington, June 15 (Bloomberg) -- Bamboo.com Inc., which provides online tours of real estate for prospective buyers, will seek to raise as much as $57.5 million through an initial public offering. The Palo Alto, California, company filed with the Securities and Exchange Commission to sell common stock. The number of shares to be sold and their price will be disclosed in a supplemental filing. Incorporated in 1995, bamboo.com is run by Leonard McCurdy and his son, Kevin McCurdy, who serve respectively as chairman and executive vice president. Kevin McCurdy, the company's founder, is 25, the SEC registration statement said. His father, who also is chief executive, is 52. While some Internet real estate companies show snapshots of property online, Bamboo.com says it provides a 360-degree virtual tours of real estate property. Such tours, according to the filing, provide more complete visual representations by letting viewers pan left or right or zoom in for a closer view of a home. The company's service to real estate agents includes videotaping the inside and outside of a home or other property, processing the videotape and distributing a virtual property tours. Those are distributed on a variety of Web sites -- including real estate destination sites and Internet portals -- and by e-mail to real estate agents for redistribution to their clients and prospective home buyers. Bamboo.com has established strategic alliances with real estate Web site operators such as HomeStore.com Inc., providing tours on sites such as REALTOR.com, the official Web site of the National Association of Realtors, HomeSeekers.com, Microsoft HomeAdvisor, Homes.com, HomeBuilder.com, and LoopNet. Revenue at bamboo.com rose to $88,658 for the first quarter ended March 31, 1999, from $20,798 one year earlier. The company expanded marketing and sales expenditures to $1.56 million in this year's first quarter from $183,441 in the first quarter of 1998. In addition, the company incurred $2.94 million of compensation expense in the 1999 first quarter for stock options granted to employees. This contributed to a $6.02 million net loss for the 1999 first quarter, widening the $531,752 loss for the same period last year. Bamboo.com will use the proceeds from the IPO for working capital and general corporate purposes and to redeem Series C preferred stock. Company shareholders include Intel Corp., the world's largest computer chipmaker, which currently holds an 8.2 percent stake. Funds affiliated with Walden Media and Information Technology Fund LP, hold a 13.6 percent stake. Underwriters for the stock sale will include Prudential Securities; Dain Rauscher Wessels; and Volpe Brown Whelan & Co. Bamboo.com will seek to have its shares trade on the Nasdaq Stock Market under the symbol BAMB. | ||||||||||||||
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