Local Matters Lowers IPO Terms

Local Matters Inc., a Denver-based provider of local search solutions like online yellow pages, has reset its IPO terms to 6.67 million common shares being offered at between $5.40 and $6.60 per share. It previously planned to offer 3.33 million shares at between $14 and $16 per share. Canaccord Adams is serving as lead underwriter.

 

Local Matters has raised $43.5 million in VC funding since 2002, from firms like Spencer Trask Ventures (39.4% pre-IPO stake), Sandler Capital Partners (38.2%), Kings Road Investments (10.4%) and Software Seed Capital Partners (2.5%). www.localmatters.com