WASHINGTON - MatchNet Inc., which operates Internet dating sites AmericanSingles.com and JDate.com, filed with U.S. securities regulators for an initial public stock offering.
The online dating provider filed a preliminary offering document with the U.S. Securities and Exchange Commission to raise as much as $100 million in common stock but did not say how many shares it plans to offer, or determine a share price, as those details are usually disclosed later.
MatchNet, whose global depositary shares are traded on the Frankfurt Stock Exchange (MHNTq.DE) , said it is seeking a Nasdaq listing but did not propose a symbol.
The IPO document provides details about the company and its operations, including financial data, which shows its net revenue jumped to $30.9 million in the first two quarters from $15.5 million the year before.
It posted a net loss of $7.1 million in the first two quarters in 2003, compared with a net loss of $1.3 million in the same period in 2003, according to the document.
JPMorgan, with the assistance of Piper Jaffray, CIBC World Markets and Pacific Crest Securities, will underwrite the offering.
Subscribers of the AmericanSingles site pay a $24.95 monthly fee, and the monthly cost to use JDate, which targets Jewish singles, is $34.95. Users are offered discounts for longer-term subscriptions, the company said.
In the first six months, the company said it averaged about 5.3 million unique monthly online visitors, which according to an online rating study ranked MatchNet as the second largest online personals provider among Internet users in the United States.
MatchNet, which started operations in September 1998, said as of June 30, it had about 9.8 million active members, who have posted a personal profile or who have logged at least once in the last year.
It said it expects rebranding, promotions, personnel hiring and expanding operations, including launching new Web sites, to increase its operating expenses over the next several years.
The company said it intends to use the proceeds from the IPO for marketing and general corporate purposes, including working capital and capital spending.
"We may also use a portion of the net proceeds to fund possible investments in, or acquisitions of, complementary businesses, products or technologies or to establish joint ventures," MatchNet said.
It said it will not receive any proceeds from the sale of shares by stockholders.
Nice numbers!!
