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Online video distribution company Brightcove plans to price its IPO at $10 to $12 per share, according to a new filing with the SEC.
The company is seeking to sell 5 million shares, which if priced at the midpoint of the range, would raise $55 million. That midpint pricing would value the company at $290.1 million. Brightcove originally filed for an expected $50 million IPO in August 2011.
In updated company financials, Brightcove posted full-year 2011 revenue of $63.6 million, up 45.5% from $43.7 million in 2010. Brightcove posted a net loss in 2011 of $17.3 million, about flat from a net loss of $17.8 million in 2010. Net loss attributable to common stockholders of $23.3 million compared to $23.0 million in 2010.
The company has 3,872 customers as of Dec. 31, 2011 in more than 50 countries. Major shareholders include Accel Partners with 26.4% of the company and General Catalyst Partners also with 26.4%.
source: forbes.com
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Posted in: IPO
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