MobiTV Plans $75 Million IPO to Raise Funds for Mobile-Television ServiceWednesday, August 31st, 2011
Bloomberg – Ari Levy
MobiTV Inc., the maker of software that lets smartphone users watch live television, filed to raise as much as $75 million in an initial public offering of stock.
The company didn’t say how many shares it will sell or at what price in its filing today with the U.S. Securities and Exchange Commission.
At least five companies have announced plans for IPOs in the U.S. in the past week after filings were shelved at a record pace earlier this month as stock markets worldwide plunged. Angie’s List Inc., operator of a consumer-review website, and Jive Software Inc., the maker of social-networking software for businesses, disclosed plans for share sales last week.
Founded in 2000 by Paul Scanlan, Phillip Alvelda and Jeff Annison, MobiTV has accelerated its growth in the past two years as consumers have flocked to Apple Inc. (AAPL)’s iPhone and Google Inc.’s Android devices. Revenue at the Emeryville, California- based company rose 17 percent in this year’s first half to $37 million from a year earlier, and its net loss narrowed to $8.08 million from $9.36 million.
JPMorgan Chase & Co. (JPM) and Deutsche Bank AG (DBK) are managing the IPO, with assistance from Robert W. Baird & Co., William Blair & Co. and Pacific Crest Securities. (Full Article)