Brightcove files for IPO to raise $50M despite market woes
As its largest shareholder, according to the filing with the U.S. Securities and Exchange Commission. The Cambridge-based VC firm has a 26.6 percent stake in the company, while Accel Partners of California has the second-largest stake, with 24.5 percent.Brightcove, which did not put an expected range on the IPO shares, intends to trade on the Nasdaq Stock Market under the symbol “BCOV.” Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co. Inc. are acting as joint book-running managers for the offering, with RBC Capital Markets LLC, Pacific Crest Securities LLC and Raymond James & Associates Inc. acting as co-managers.
The filing comes despite volatility in the stock market that some watchers have said could close the IPO window. Boston-based Carbonite Inc. (Nasdaq: CARB) has been among the few U.S. companies to recently complete an IPO, but the firm had to accept a 41 percent lower share price than originally hoped. Brightcove is now the 10th Massachusetts company in registration for an IPO.
The company reported seeing $40.5 million in revenue for 2010, with a net loss of $17.5 million for the year, according to the SEC filing. Brightcove’s revenue for the first six months of 2011 was $26.9 million, with a net loss of $9.8 million.
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Inc. are acting as joint book-running managers for the offering, with RBC Capital Markets LLC, Pacific Crest Securities LLC and Raymond James & Associates Inc. acting as co-managers. The filing comes despite volatility in the stock market that some
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“It is clearly close to impossible to price IPO deals in current market conditions,” said Matthew Kirkby, global head of corporate finance at Royal Bank of Scotland Group PLC. “However, over the last 10 years Asian capital markets have after the
LLC, Raymond James & Associates, Inc., RBC Capital Markets LLC, and Wells Fargo Securities, LLC are serving as joint book-running managers of this offering. Deutsche Bank Securities Inc., Goldman, Sachs & Co., JP Morgan Securities LLC, Robert W. Baird