NEWS & VIEWS

Global private equity and venture capital news and research

Venture capital-backed RetailMeNot raises $191m via IPO

19 Jul 2013

stock market_lrgVenture capital-backed digital voucher marketplace RetailMeNot has raised $191m via today’s IPO on the Nasdaq exchange and saw its shares soar more than 30 per cent after the opening bell.

The IPO came a month after the company filed to raise $230m.

RetailMeNot offered just over nine million shares at a price of $21 per share with Morgan Stanley, Goldman Sachs and Credit Suisse Securities acting as joint bookrunning managers.

The company is backed by Austin Ventures and Norwest Ventures, which hold stakes of 36 per cent and 24 per cent respectively, while Google Ventures, Adams Street Partners, and Institutional Venture Partners collectively own 21 per cent.

The company was bought by Austin’s investee WhaleShark Media in December 2010.

Venture capital firms have invested a total of $300m in RetailMeNot, which is currently the world’s largest online voucher company.

RetailMeNot posted revenues of $144.7m in 2012, up from only $16.9m two years earlier, while its net income rose to $26m from $2.3m during the same period.

Unlike sites like Groupon, RetailMeNot offers coupon and promotional codes for retail businesses such as Walmart instead of services and experiences.

Copyright © 2013 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014