RealTime IT News

Media Metrix Files for $48.3 Million IPO

Web measurement firm Media Metrix Inc. has filed for an initial stock offering that would raise an estimated for a $48.3 million.

New York-based Media Metrix didn't disclose the number of shares it hopes to sell or the price it expects to get in its filing with the U.S. Securities and Exchange Commission. The company will disclose those details in a future SEC filing. The $48.3 million top value for the IPO was estimated to calculate an SEC registration fee, according to Bloomberg News.

The company has large panels of Internet users under continuous measurement both at home and at work.

Media Metrix said it will use some proceeds from the stock sale to redeem shares held by The NPD Group, a market research firm that is its largest shareholder. The company also said it will use some money for international expansion, for new product development, and for other general corporate purposes.

The company recorded a net loss of $7.5 million in 1998, on revenue of $6.3 million. Media Metrix had a net loss of $4.9 million in 1997 on revenue of $3.2 million.

In November 1998, the company merged with RelevantKnowledge Inc., its leading competitor. If that merger had occurred on Jan. 1, 1998, the combined companies would have had net losses of $16.2 million in 1998 on revenue of $8.1 million.

Underwriters for the stock sale will include Donaldson, Lufkin & Jenrette and BancBoston Robertson Stephens. Media Metrix expects to trade on the Nasdaq Stock Market under the symbol MMXI.