today set its initial public
offering pricing range at $17 to $19 a share, in hopes of raising up to
$95 million in capital, according to the company's Securities and Exchange Commission
CMP proposes to float out 5 million shares. Proceeds from 3.75
million of those shares will go to the company, with the remainder to
The IPO will give CMP up to $71.25 million, which it plans to put toward
paying off an outstanding revolving credit line balance. Shareholders will
receive up to $23.75 million.
Under the pricing range, CMP will have a market value of up to $429.85
CMP, a computer publisher of Windows, Computer Reseller News, and
HomePC magazines, among other titles, also released its anticipated June quarter results.
CMP expects revenues of $118 million to $125 million for the quarter
ending June 30, compared with $107 million a year ago. The company posted
revenues of $101.9 million in the previous quarter.
The company attributed its revenue growth to the sizable growth of Computer Reseller News and InformationWeek having sizable growth.
Income from operations is expected to be $11 million to $12.5 million for
the quarter, compared with $9.2 million a year ago. The company posted an
operating loss of $944,000 in the previous quarter.
CMP is scheduled to float out its public offering in early August,
according to Securities Data.
The publisher is one of the latest technology-related companies to consider an
IPO. Also in the pipeline is @Home, which is scheduled to go public next
But IPOs for media companies have been somewhat weak.
Wired Ventures, for example, dropped
its IPO plans last October due to a lack of market interest. However, the publisher
of computer-related content was able to raise $21.5 million in a
round of venture capital financing.