Do-it-yourself Web site builder Wix files for $100M IPO
Israel-based company, which provides a cloud-based tool that lets individuals and businesses build sites, says it has achieved sequential subscriber growth in the past 14 consecutive quarters.
Wix, a popular do-it-yourself Web-site builder, filed papers Tuesday with U.S. regulators to raise up to $100 million in an initial public offering.
With 37 million registered users, the cloud-based tool provides templates that let individuals and businesses build sites in HTML5 via an app market and drag-and-drop editor. As of August, the Israel-based company had nearly 680,000 subscribers to its premium model after 14 consecutive quarters of sequential growth in subscriptions, the company revealed in its S-1 filing with the Securities and Exchange Commission.
The company also said it notched 14 consecutive quarters of growth in revenue and collections, recording revenue of $34.1 million for the first six months of 2013, up 80 percent from its $18.9 million in revenue for the year-ago period. However, the company recorded a net loss of $10.1 million during the first six months of 2013, up from $7.8 million for the same period in 2012.
The company, which plans to list its shares on the New York Stock Exchange under the stock symbol "WIX," did not indicate how many shares it intended to sell or at what price they would sell.
The IPO will be underwritten by J.P. Morgan Securities, Bank of America Merrill Lynch, RBC Capital Markets, and Needham & Company.