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Print Edition StoriesMonday, December 29, 2008
NameMedia nips plans for $172M IPO
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Online domain name marketplace NameMedia Inc. has pulled its plans for a $172.5 million initial public offering, according to federal documents.
The Waltham-based company listed market conditions in its filing with the U.S. Securities and Exchange Commission as the reason not to go ahead with the IPO. The company first filed for the IPO in November of 2007 with Credit Suisse as the underwriter.
NameMedia said it had intended to use the funds raised from the IPO for working capital and to pay off debt.
Previously called YesDirect, NameMedia was founded in 2005. The venture-backed company employs about 75 workers. NameMedia’s websites attract more than 60 million visitors and sell domains to customers in more than 100 countries, officials said.
In October of 2007, NameMedia bought Photo.net, a website founded in 1993 as Philip Greenspun’s personal home page at MIT, officials said. Financial terms of that deal were not disclosed. NameMedia already owned and operated the Photography.com website, according to company officials.
In 2006, NameMedia acquired Florida domain-name reseller Afternic Inc., the owner of more than 1.8 million domains, joining it with BuyDomains, NameMedia’s domain-name marketplace.
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