Wix.com Ltd, which helps companies build and operate websites, filed with the U.S. regulators on Tuesday to raise up to $100 million in an initial public offering.
Wix, which sells its cloud-based templates to design websites to small business owners, said revenue grew to $43.7 million in 2012 from $9.9 million 2009. Net losses widened 30 percent in the period.
The Israel-based company, whose App Market allows companies to install more than 140 different apps on their websites, said 37 million businesses, organizations, professionals and individuals used its platform.
Wix intends to use the net proceeds from the IPO to step up headcount, to increase its selling and marketing expenses focused and for general corporate purposes.
The company plans to list its common stock on the New York Stock Exchange under the symbol “WIX.” It did not reveal how many shares it planned to sell or their expected price.
JP Morgan Securities LLC, Merrill Lynch, Pierce, Fenner and Smith Inc and RBC Capital Markets LLC were underwriting the IPO, Wix told the U.S. Securities and Exchange Commission in a preliminary prospectus. (link.reuters.com/cun53v)
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Varun Aggarwal in Bangalore; Editing by Joyjeet Das)