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Tags: US | MediaMind | IPO | Preview

MediaMind Expects to Raise $73 Million in IPO

Monday, 09 August 2010 02:41 PM EDT

Digital advertising company MediaMind Technologies Inc. plans to plans to raise about $73 million in an initial public offering this week.

The New York City-based company, previously called Eyeblaster, plans to offer 5 million shares for $14 to $16 each, according to a regulatory filing. Underwriters will be able to buy another 358,423 shares from a stockholder and after that another 391,577 shares from the company to cover excess demand for the IPO.

The expected proceeds of $73 million are based on the $15 midpoint of the expected offer price and the underwriters' full exercise of their overallotment option. MediaMind plans to use the proceeds for general corporate purposes, including working capital and capital expenditures. Its capital expenditure budget for 2010 is about $3 million.

MediaMind makes money from customers — ad agencies and advertisers — that pay fees to create and measure ad campaigns on its platform. The company said its revenue was $65.1 million in 2009, up from $63.8 million in 2008. Net income rose to $9.8 million, from $6.2 million.

MediaMind says its business is becoming increasingly important as people use the Internet and mobile devices to access media and away from traditional vehicles such as TV, radio and print media such as newspapers and magazines.

MediaMind plans to list its shares on the Nasdaq Global Select Market under the symbol "MDMD."

The IPO's underwriters include JPMorgan, Deutsche Bank, Stifel Nicolaus Weisel and Pacific Crest Securities.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


InvestingAnalysis
Digital advertising company MediaMind Technologies Inc. plans to plans to raise about $73 million in an initial public offering this week.The New York City-based company, previously called Eyeblaster, plans to offer 5 million shares for $14 to $16 each, according to a...
US,MediaMind,IPO,Preview
237
2010-41-09
Monday, 09 August 2010 02:41 PM
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