WiderThan Files For IPO, As Expected

As we broke the news first in June, WiderThan, the Korean mobile content company (it pioneered ringbacks in Korea and has been expanding in U.S. and other countries), has filed for an IPO on Nasdaq…WiderThan is a subsidiary/affiliate of Korean wireless giant SK Telecom.
The company plans to offer 6 million American Depositary Shares, with an estimated price of $14 to $16 each..out of those the company will offer 4 million and shareholders will offer 2 million.
JPMorgan, Merrill Lynch & Co. and Lehman Brothers are the underwriters…the stock will trade under the symbol “WTHN”.
The Korea-based parent WiderThan is almost synonymous with ringback tones, having pioneered it in Korea, but has been trying to expand beyond that into the general mobile content market. In March this year, it launched its WiderMusic Service Platform.
In October 2004, WiderThan made a move to extend its reach into the US with the acquisition of its long-time partner Ztango. Client wins include South Korea’s SK Telecom, T-Mobile USA, Israel’s Orange, the Philippines’ Globe Telecom and Taiwan’s APBW.

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