Accoona Files for Initial Public Offering
Internet seller and search engine Accoona announced Friday it hopes to raise up to $81 million in capital through an initial public offering.
The Jersey City NJ-based company filed for an IPO of its common stock with the Securities and Exchange Commission. The company did not specify how many shares it will offer or their expected asking price on the NASDAQ exchange.
Accoona said it will use proceeds from the offering for research and development and business expansion, among other purposes. The company may also acquire or invest in complementary technologies and operations.
Accoona runs an online lead-gen company, a search engine in the U.S., Europe and China, and an e-commerce business selling consumer electronics and home appliances through six Web retail sites. Almost all the company’s income to date has come from the e-commerce division.
For the quarter ended March 31, Accoona lost $14.8 million on revenue of $37.5 million. That compared to a loss of $5.5 million on $23 million in revenue during the same period in 2006.
