Wednesday, May 5, 2010
ReachLocal Sets IPO Pricing Range
Woodland Hills-based ReachLocal has updated its IPO pricing range, indicating this week in an updated S-1 that it expects the initial pricing of its IPO to be between $17.00 and $19.00 per share. The firm is looking to IPO on the Nasdaq Global Market as RLOC. At $19.00 per share and 4,166,667 shares the offering would reap the firm around $91.0M in funds. ReachLocal's IPO is being underwritten by J.P. Morgan, BofA Merrill Lynch, Citi, Piper Jaffray, Needham & Company LLC, and Gleacher & Company. The firm is venture backed by VantagePoint Venture Partners, Rho Ventures, Galleon Group, European Founders Fund, and others. ReachLocal helps small businesses advertise their companies on the internet.