IPO are coming fast and furious in the online media/commerce sector now: Accoona, an online search and e-commerce service firm based in Jersey City, N.J., has for an IPO of its common stock. The proposed maximum offering price would be roughly $80.5 million, though it may change, reports AP. Accoona plans to list its shares on the Nasdaq under the symbol “ACNA.”
Accoona has three main lines of business: online-lead generation, an online search engine in the U.S., Europe and China and an e-commerce consumer electronics retail business. For now, according to its S-1, almost all of its revenue has come from its e-commerce business in North America: it operates six online retail sites in consumer electronics and home appliances sector. For Q107, it had losses of $14.8 million, compared with a loss of $5.5 million the year-ago period. Revenues for the quarter rose to $37.5 million from $23 million the year-ago period.
The company has a long term (20-year) deal with China Daily Information Company, or CDIC, a subsidiary of China Daily, the largest English language newspaper in China. CDIC owns 6.9 percent of the company.