Internet holding company Internet Brands has significantly cut the size and price of its upcoming IPO, according to an amended S-1 filed today. Only two weeks ago, the Idealab-backed firm said it would sell 3.75 million shares for $10-$12, for a maximum, pre-expense haul of $45 million. It then reiterated these numbers in a filing that came out on Tuesday of this week; in fact there was a slight increase in the number of shares it said insiders would be selling, from 5.81 million to 5.82 million.
Now the company plans to sell just 2.35 million of its own shares at $8 each, for a total of $18.8 million. The number of shares being sold by insiders has also dropped sharply, to 3.65 million. There’s no specific reason set forth, but market conditions is the obvious answer. There have been a few IPO postponements in the past week or so, and it’s possible that the same could still happen here, as no date is yet set. (via Reuters)
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