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.
