With IPO Imminent, Motricity Shrinks Size Of Offering Again

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Motricity, which is expected to go public tomorrow, has shrunk the size of its offering once again. The company now says in an SEC filing it expects to sell 5.87 million shares at between $10 and $11 a share, meaning it will likely raise between $58.7 million and $64 million. That’s down from the up to $250 million the company said it hoped to raise when it filed to go public in January. It’s also down from the between $95.5 million and $108 million it said it expected to raise earlier this month by selling 6.75 million shares at between $14 and $16.

As we’ve noted before this is very much a trend likely driven by the up and down markets; all four companies in our realm that have priced their IPOs this year have cut the size of their offerings. We’ll be watching to see how the stock performs during its debut.

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