Liquidity Services Inc., the operator of web sites that sell excess goods and wholesale products, raised $77 million during its initial public offering this week as it sold 7.7 million shares at $10 per share.
Liquidity Services will use the proceeds for working capital, general corporate purposes and possible future acquisitions, according to its SEC filing. It also will use the funds to repay $4.4 million in debt.
For the fiscal year ended Sept. 30, Liquidity Services had revenues of $89.4 million and net income of $4.1 million. Revenue has grown at a compounded annual rate of 26% since fiscal year 2002, according to the company.
Liquidity Services operates Liquidation.com, GovLiquidation.com, and UKSurplus.com.