ReachLocal Sets IPO Terms

ReachLocal Inc., a Woodland Hills, Calif.-based provider of online advertising solutions for local businesses, has set its IPO terms to 4.17 million common shares being offered at between $17 and $19 per share. It would have an initial market cap of approximately $515 million, were it to price at the high end of its range.

The company plans to trade on the Nasdaq under ticker symbol RLOC, with J.P. Morgan and BoA Merrill Lynch serving as co-lead underwriters.

ReachLocal reported over $203 million in revenue for 2009, compared to around $146 million in 2008. Its net income for the 2009 period is $11.66 million, compared to a $4.47 million loss in 2008. Net income was around $1.4 million, compared to a $7 million net loss in 2008.

ReachLocal raised around $68 million in VC funding, from VantagePoint Venture Partners (53.22% pre-IPO stake), Rho Ventures (12.94%) and Galleon Group (6.76%).

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