Active Network Ready to Pull IPO Trigger
[Corrected 5/20/09, 5:00 pm. See below.] The Active Network is in the starting blocks for its IPO. The San Diego Internet company, which provides online event registration services for sporting event organizers, churches, campgrounds, and other customers, set a price range between $16 and $18 a share for its initial stock offering in a regulatory filing yesterday. The company has not yet set a date for selling its shares.
The Active Network, which filed for its IPO in February, is selling 11 million shares in the offering, with almost 2.8 million shares offered by selling shareholders and 8.2 million from the company itself. At the mid-point of the proposed range, the company would raise a total of about $127 million after fees, which would be mostly used to repay outstanding debt and to fund possible acquisitions. The Active Network’s selling shareholders would pocket just over $47 million, before fees.
[Corrects estimated market valuation to $900.7 million, instead of $990.7 million. See below.] The Active Network was founded in 1998, and has grown through a combination of internal growth and acquisitions. I wrote a profile of the company last year, which you can find here. The company would command a market value of roughly $900.7 million at the mid-point of its price range.
Selling shareholders include ESPN, which would reduce its stake in the Active Network from 21.5 percent to 16.4 percent, and Canaan Partners, which would shrink its stake from 15.5 percent to 11.8 percent.
The Active Network disclosed a net loss of $27.3 million on revenue of $279.6 million in 2010. In the first three months of this year, the company posted a loss of 10.9 million on $72.7 million, narrowing its loss by nearly 9 percent and increasing its revenue by 15 percent in comparison to the same quarter last year.
The company expects the shares will trade on the New York Stock Exchange under the symbol ACTV.
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