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United States : MediaMind nears planned Nasdaq IPO.

Digital advertising company MediaMind Technologies Inc. (formerly Eyeblaster) has issued a revised prospectus for its planned Nasdaq IPO. The company plans to issue 5 million shares at $14-16 per share, raising up to $70-80 million at a company value of $250-286 million. The mid-point value is $268 million.

MediaMind's chief underwriters JPMorgan Chase Inc. and Deutsche Bank Securities Inc. and Think Equity, Stifel Nicolaus Weisel, and Pacific Crest Securities are the secondary underwriters. The underwriters have a green shoe option, which if exercised will increase the gross proceeds by up to $11.3 million.

Assuming the IPO goes ahead, MediaMind will be traded under the ticker "MDMD", and will join the nearly 100 Israeli companies listed on Nasdaq. The company develops software solutions for managing ad campaigns on websites and computer games.

MediaMind's IPO will not include an offer to sell by its shareholders, although if the green shoe option is exercised in full, half of these shares will be sold by shareholders for a total of $5.4 million.

MediaMind's IPO is part of a more modest trend by high-tech companies planning offerings on Wall Street in the face a problematic primary market. Companies' parties at interest, often venture capital funds, are in no hurry to make exits at the first offer.

MediaMind's largest shareholder is Sycamore Technologies, which will have a 24.3% stake after the IPO, followed by Insight Ventures, which will own 16.2%. MediaMind's cofounders, chairman and CEO Gal Trifon will own 6.3% after the IPO, worth about $17 million; and chief solutions officer Ofer Zadikario will own 4.7%, worth $13 million.

Copyright : Euclid Infotech Pvt. Ltd.

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Publication:TendersInfo
Date:Jul 28, 2010
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