Thursday, May 20, 2010
ReachLocal Prices IPO At $13.00 Per Share
Woodland Hills-based ReachLocal priced its IPO last night at $13.00 per share, according to filings with the SEC this morning, netting the firm $54.1M. The firm, which will list on the Nasdaq Global Select Market as RLOC, said it sold 4,166,667 of its common shares in the offering. The IPO pricing was significantly below the estimated $17.00 to $19.00 per share the firm had indicated in its earlier S-1 filings. ReachLocal was venture backed by VantagePoint Venture Partners, Rho Ventures, Galleon Group, European Founders Fund, and others. The firm's IPO was underwritten by J.P. Morgan, BofA Merrill Lynch, Citi, Piper Jaffray, Needham & Company, and Gleacher & Company.