Wednesday, May 25, 2011
Active Network Prices IPO
San Diego-based The Active Network, the operator of sports and community event registration services and websites, priced its IPO Wednesday evening, saying it will sell 11,000,000 shares of its common stock at $15.00 per share. The firm starts trading on the New York Stock Exchange this morning, as ACTV. Active priced below its expected initial offering range, which was $16.00 to $18.00 per share. Active's IPO is being underwritten by BofA Merrill Lynch, Citi, Allen & Company LLC, Stifel Nicolaus Weisel, RBC Capital Markets, ThinkEquity LLC, and WR Hambrecht+Co. The firm's major investors are ESPN, Canaan Partners, and ABS Ventures.