Bankrate (RATE) IPO Prices at $15, Middle of Range
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Bankrate, Inc. (NYSE: RATE) priced its initial public offering of 20,000,000 shares at $15.00 per share, the middle of the expected $14.00-$16.00 range. Shares will begin trading on the NYSE today under the symbol "RATE."
Goldman, Sachs & Co., BofA Merrill Lynch are the joint bookrunning managers and representatives of the offering.
Following the offering there will be 100,000,000 total shares outstanding, giving the company a market cap of $1.5 billion based on the $15 pricing.
The company had revenues of $99.1 million in the three months ended March 31, 2011, up sharply from the $34.46 million reported in the same period last year. The company posted net income of $5.061 million in the quarter versus a loss of $5.2 million last year. However after paying an accumulated preferred dividend the loss of $4.2 million in this year's quarter.
Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet.
Goldman, Sachs & Co., BofA Merrill Lynch are the joint bookrunning managers and representatives of the offering.
Following the offering there will be 100,000,000 total shares outstanding, giving the company a market cap of $1.5 billion based on the $15 pricing.
The company had revenues of $99.1 million in the three months ended March 31, 2011, up sharply from the $34.46 million reported in the same period last year. The company posted net income of $5.061 million in the quarter versus a loss of $5.2 million last year. However after paying an accumulated preferred dividend the loss of $4.2 million in this year's quarter.
Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet.
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