Wired refiles for IPO

Wired Ventures has filed a revised registration for an initial public offering of up to 4.75 million shares, priced at between $12 and $14 each.

The revised IPO will cut the company's value compared with its earlier filing. Wired had earlier filed for a larger IPO offering 6.3 million shares priced at $12 a share. The company had said that after the offering it would have a value of $450 million based on outstanding shares, the total shares owned by both the company and public investors.

But under the revised IPO, Wired will have only 20.9 million outstanding shares and have a value up to $292.6 million.

The company expects to complete the offering in October. The underwriters will be Goldman Sachs and Robertson, Stephens.

The registration document also disclosed that Wired Ventures posted a loss of $34.7 million for the first six months of 1996, compared with a loss of $3.2 million for the first six months of 1995.

This first six months of this year includes a one-time charge of $20.5 million associated with restructuring. The company currently anticipates a loss of $7.3 million to $7.6 million for the quarter that ended September 30. The company's online revenue for this period, however, nearly doubled from the previous quarter.

As previously reported by CNET, Wired planned to go public earlier this year but pulled the IPO, citing a downturn in the market.