On Tuesday, Wix.com Ltd. had filed with the US regulators to raise USD100 million in an initial public offering of common stock. The Israel based firm operates to help companies operate websites and sells cloud-based template to design websites for small business entrepreneurs.
Wix.com's revenue had grown to USD43.7 million in 2012 from its 2009 revenue of USD9.9 million. In the same period, the net losses of the company had widened by 30%. The Israel-based company said 37 million businesses, professionals, individuals and organizations had been using its platform.
According to a Reuters report, the net proceeds from the initial public offering would be used by Wix for general corporate purposes. The company intended to list its common stock on the New York Stock Exchange under the trading symbol WIX. Wix.com did not disclose the expected price for the IPO or how many shares it had planned to sell.
The company had appointed JP Morgan Securities LLC, Merrill Lynch, Pierce, Fenner and Smith Inc and RBC Capital Markets LLC to be the underwriters for the IPO, according to a preliminary prospectus filed with the U.S. Securities and Exchange Commission.
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