September 28, 2004, 12:00 AM

WebSideStory goes public with launch on NASDAQ

The analytics provider’s stock starts trading at $8.50 a share, down from an expected $11.50 at the time of its IPO, with 5 million shares on offer. Proceeds will expand technology services, support acquisitions and redeem outstanding preferred stock.

 

Web analytics provider WebSideStory Inc. today launched the initial public offering for which it filed registration papers in May, with an offer of 5 million shares priced at $8.50 per share of common stock. According to the registration statement filed with the Securities and Exchange Commission in May, the company was expecting to go to market at $10 to $12 a share, which would have raised $50 million to $60 million. The lower price, which will result in $42.5 million, “is a reflection of market conditions,” the company says.

WebSideStory has said it intends to use most of the offering’s net proceeds to expand its technology services and to possibly acquire or invest in competing or complementary businesses, services or technologies. A projected 49.7% of the offering`s net proceeded will be used to redeem outstanding shares of its redeemable preferred stock.

According to its SEC filing, WebSideStory posted a net loss of $1.9 million on sales of $16.4 million in 2003, a 27% improvement over a prior-year net loss of $2.5 million. For the first quarter ended March 31, 2004 it posted net income of $128,000, compared to a net loss of $1.05 million in the year-ago quarter. Among the top customers in terms of revenue for HBX, the company’s hosted on-demand analytics product, are the Walt Disney Internet Group and retailer Best Buy, according to registration statements.

 

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