Or is Shopping.com going to pop on its own accord? It priced at the top of the range today…and will trade shortly. Lead underwriter: Goldman. Ticker symbol: SHOP.
Shopping.com’s IPO priced 6.87 million shares at $18 per share, the underwriter said. Earlier in the day, the company raised the expected price range of the offering to $16 to $18 per share from $14 to $16 per share.
Note that back in March, when they filed (wow, back in March!) I pegged this as a search IPO….
More on the IPO at IPOHome:
Shopping.com is the largest online comparison and consumer reviews shopping service in the U.S. with more than 20 million users per month. It is also the fourth largest online shopping destination behind only eBay (EBAY), Amazon (AMZN) and Yahoo!, and it now comes to market with a track record of growth and earnings. Over the last three years, annual revenue increased from $13 million in 2001 to $67 million in 2003. More importantly, losses have turned into earnings with 2003 marking its first full year of profitability both on a GAAP and proforma basis. For the twelve months ended June 30 2004, the company generated almost $16 million in operating cash flow (or EBITDA) on $84 million in total revenue.
It will be very interesting to see if this pops like GOOG did. If it does, I’d warrant it’s frustrated wanna be GOOG investors, who didn’t get in on that gravy train, jumping on this one… just in case. This does not feel right to me. On the other hand, it feels…familiar.
UPDATE: It popped, yup it did.
bubble territory…?