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Shopping.com files for an IPO

Shopping.com plans to use IPO proceeds for general corporate purposes, including possibly funding acquisitions of businesses, products or technologies, according to the filing.

Shopping.com Ltd., which runs Web sites like epinions.com, filed with U.S. regulators on Tuesday for an initial public offering worth an estimated $75 million.

Shopping.com did not provide a price or amount of shares for the IPO, but the details are expected in future Securities and Exchange Commission (news - web sites) filings.

The online shopping comparisons company, which runs Web sites including (http://www.shopping.com) and (http://www.epinions.com), provides free services for consumers.

Shopping.com said it receives referral fees from merchants and other listing providers who get customers from Shopping.com Web sites.

Entities like Bertelsmann DealTime Holding and others affiliated with German media conglomerate Bertelsmann AG (news - web sites) (BERT.UL) have a 14.37 stake in Shopping.com, according to the SEC filing.

Goldman Sachs and Credit Suisse First Boston are to underwrite the offering along with Deutsche Bank and Piper Jaffray.

An Israeli company, Shopping.com has U.S. headquarters in Brisbane, California. The company said it had applied to list on the Nasdaq under the symbol "SHOP".

Source: Yahoo News

Posted by gaurav at March 24, 2004 01:01 PM | TrackBack