|Moderated By: Mohan Marette -- (Not Moderated) -- Started: 6/18/1999 12:02:00 PM Revision History|
ShopNow.com files for $86 million IPO
WASHINGTON, June 18 (Reuters) - Internet shopping service ShopNow.com Inc. (Nasdaq:SPNW - news) said Friday it planned to sell about $86 million worth of common stock in an initial public offering.
The company, in a filing with the Securities and Exchange Commission, did not disclose how many shares would be offered and did not provide an estimated price on the stock. But it said it had applied to list the shares on Nasdaq under the symbol SPNW.
The IPO underwriters are Dain Rauscher, U.S. Bancorp Piper Jaffray, Soundview Technology Group and Wit Capital.
ShopNow.com, based in Seattle, described itself as one of the Internet's fastest growing shopping destinations, with more than one million products and services from more than 29,000 merchants.
Merchants using the company's online marketplace include software company Corel Corp. (Toronto:COS.TO - news), coffee company Starbucks Corp. (Nasdaq:SBUX - news) and long distance provider Qwest Communications International Inc. (Nasdaq:QWST - news).
The company, formerly known as TechWave Inc., also has strategic relationships with Qwest, online advertising and direct marketing network company 24/7 Media Inc. (Nasdaq:TFSM - news), and HNC Software Inc. (Nasdaq:HNCS - news).
The company will use net proceeds from the IPO for working capital and general corporate purposes, potential acquisitions and debt repayment.
ShopNow.com posted net losses of $24.7 million for 1998 and $8.3 million for the quarter ended March 31.
Revenues for 1998 were $7.2 million, up from $604,000 for 1997.
Major shareholders in ShopNow.com include 24/7 Media, with 22.6 percent, or 5,160,000 shares, and directors Bret Maxwell and Mark Terbeek, who each hold 12.8 percent, or 2,924,628 shares, the filing said.
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