The Associated Press, March 23, 2004
Shopping.com files IPO of up to $75 million in common stock
|WASHINGTON (Dow Jones/AP) -- Shopping.com Ltd., an e-commerce company that lets online shoppers compare prices on a variety of merchandise, filed Tuesday for an initial public offering of up to $75 million in common stock.
Details about the number of shares offered and an estimated price range for the IPO shares weren't disclosed in Tuesday's filing with the Securities and Exchange Commission.
New York-based Shopping.com said it will use the net proceeds from the offering for general corporate purposes and working capital requirements. The company said it may also use a portion of the net proceeds to fund acquisitions of businesses, products or technologies.
The company was created when DealTime bought Epinions, which posts consumer reviews online, and relaunched the business as Shopping.com.
Users who search for an item on the Shopping.com Web site get results that link to merchants' Web sites, consumer reviews and other information. Merchants are charged a fee for every customer directed to their sites.
Goldman Sachs & Co., Credit Suisse First Boston LLC, Deutsche Bank Securities Inc. and Piper Jaffray & Co. were listed as underwriters for the offering.
Shopping.com plans to list its common stock on the Nasdaq National Market under the symbol SHOP.
The $75 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.