Jupiter prices above set IPO range
Facing strong investor demand, the research firm prices its IPO at $21 a share, above its recently increased pricing range.
Jupiter priced its shares at $21, above the $18 to $20 range that it set earlier today. That was a 20 percent increase from its initial range of $15 to $17 a share.
The company is expected to begin trading tomorrow afternoon under the ticker "JPTR."
The company plans to sell 3.1 million shares, raising up to $65.6 million in capital. Based on the 14.3 million shares that will be outstanding and the target price, Jupiter could have an initial market cap of up to $300.3 million.
Jupiter, which filed for its IPO in late July, generated $14.4 million in revenues during the six-month period ending June 30, up from $5.9 million a year ago. The company's net loss improved for the period, down to $130,000 compared with $1.6 million a year ago.
Underwriters for the offering are Donaldson Lufkin & Jenrette, Deutsche Banc Alex Brown, Thomas Weisel Partners, and DLJdirect.
Jupiter's pending IPO comes at a time when a widely watched Internet company had its plans to go public delayed. Webvan, which was also expected to begin trading tomorrow, announced today that it will postpone its IPO for a "cooling off" period because of SEC concerns. The company cited significant publicity surrounding the offering as the reason for the delay.