eCommerce - Friday, November 2, 2007
CarsDirect Owner Internet Brands Prices $132M IPO
LA's Internet Brands priced its IPO shares at $10.00 - $12.00 per share floating 9,566,454 shares. For the nine months ended Sept. 30, Internet Brands swung to a loss of $2.5M, after paying preferred dividends, compared with earnings of $6.3M in the first nine months of 2006. During the same period, the company's revenue dipped to about $65M from $65.2M. Those aren't trends that Wall St. will appreciate even with a sound explanation.
InternetBrands runs CarsDirect.com, Wikitravel.org, ApartmentRatings.com and about 40 other sites. Its network drew 26.7M unique visitors in September 2007, compared with about 9.1M unique visitors in September 2006. Its backers include Idealab, Foundation Capital, and Clearstone Ventures.
Read - CNN Money
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