November 2nd, 2007
Terms of CreditCards.com IPO
Austin-based CreditCards.com disclosed the terms of their Initial Public Offering (IPO) today. The company is basically a demand generation website for credit card issuers. They plan to issue approximately 10.7 million shares of stock at an offering price of $13-$15 per share. The company could raise approximately $100M in funds from this offering, led by Credit Suisse, and followed by Citigroup, BMO, and Thomas Weisel.
Austin Ventures recapitalized the company toward the end of last year. Holding pre-IPO positions are Austin Ventures (65.6%), American Capital Strategies (9.6%) and company founder Dan Smith (16.1%). A group of stockholders are selling about $32M in shares in the offering.
Filed under: Deals
We want to congratulate CreditCards.com on this occassion and hope that this infusion of capital will prove to be worthwhile and beneficial to the company.