Online direct marketing and advertising company L90 Inc., Washington, DC, has plans to sell six million shares in a projected range of $10 to $12 per share in its initial public offering.
The company said it plans to use the net proceeds from the offering, an estimated $60.4 million based on an $11 per share price, to boost working capital, general corporate purposes and to fund operating losses.
After the offering, there will be about 19.1 million shares outstanding, according to the amended prospectus filed yesterday with the Securities and Exchange Commission. That would put the company’s market value at about $210 million based on the median $11 per share price.
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