Print
Email
Print Edition Stories
MHT's Emerging Technologies Forum: Redefining the Superhero
MHT's Kyle Alspach: Young entrepreneurs & Osmopure's water filtration tech
MHT's Kyle Alspach: Electronic medical records workers in demand
Carbonite Inc. announced estimated pricing of its planned initial public offering in a filing with the SEC yesterday, aiming for $17 per common share and potentially bringing proceeds of approximately $107 million to the Boston online computer backup company.
In a press release also put out late yesterday, Carbonite said it would be selling 5,366,473 shares of common stock and selling stockholders would sell an aggregate of 883,527 shares of common stock. The company has also allotted an additional 937,500 shares of common stock to cover any potential over-allotments. Carbonite will trade on the Nasdaq Stock Market under the ticker symbol “CARB.” If all of the over-allotment stock is sold, Carbonite could see proceeds of approximately $107 million.
Joint book-running managers for Carbonite’s IPO are BofA Merrill Lynch and J.P. Morgan Securities LLC. In addition, William Blair & Co. LLC, Canaccord Genuity Inc., Oppenheimer & Co. Inc. and Pacific Crest Securities Inc. are acting as co-managers, the release stated.
Carbonite announced the long-anticipated plans for its IPO in May, then initially listed as being valued at $100 million. Founded in 2005 by David Friend and Jeff Flowers, Carbonite says it has grown from $14.1 million in bookings in 2008 to $54.1 million in 2010. The company, which charges the average customer $59 per year to back up their files, has not had a profitable quarter since it was founded, but notes it has a customer base of more than 1 million users in 100 countries.
In April, Flowers stepped down as CTO of Carbonite, replaced from within by former architect and manager Eric Golin. Flowers stayed with the company as chief architect, however, while Golin has a background of having served as CTO at a number of public tech companies, including Content Objects Inc. and Eons Inc.
Venture-backed Carbonite has taken in more than $70 million in capital from Crosslink Capital of San Francisco, Calif.; Performance Equity of Stamford, Conn.; Menlo Ventures of Menlo Park, Calif.; and CommonAngels of Lexington.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
