Eyeblaster, which filed to raise up to $115 million in an IPO in March, now says it expects to raise at most three-quarters of that amount. The company, which helps ad agencies manage their digital ad campaigns, says in an SEC filing that it plans to raise up to $92 million by selling 5.75 million shares at between $14 and $16 each.
By cutting the size of its offering, Eyeblaster becomes the latest digital media company to scale back its IPO ambitions (We outlined the pattern last week). But the filing also means Eyeblaster is actually going ahead with its plans to go public — something it wasn’t able to do in October 2008. Back then, it filed for a $115 million IPO only to withdraw it two months later citing market conditions.
The company is doing very well financially, according to the filing. Revenue during the first three months of the year jumped to $16 million from $11.4 million during the same period a year ago; net income was $560,000, compared to a loss of $473,000 during the first quarter of 2009.