Tuesday, October 12, 2010
Demand Media Selects NYSE For IPO
Los Angeles-based Demand Media, the online content publishing empire of Richard Rosenblatt, has updated its S-1 filing with the SEC, saying that it has applied to list its IPO on the New York Stock Exchange, under the symbol "DMD". The firm had not yet specified an exchange where it hopes to take the company public before today. In addition, Demand Media revealed it had executed a 1-for-2 reverse stock split of its common stock ahead of its planned IPO, and also that it plans to use $50 to $75M of any funding raised in an IPO to make "investments in content." Demand Media filed for an IPO in August, saying it hoped to raised up to $125M in the offering. The firm is venture backed by Oak Investment Partners, Spectrum Equity, W Capital Partners, Goldman Sachs & Co., and Generation Partners, among others.