ON24 Inc. Sets IPO at 8.6 Million Shares; Sees Pricing at $45-$50 Each
By Colin Kellaher
ON24 Inc. on Monday said it plans to sell about 6.32 million
shares at between $45 and $50 apiece in its initial public
At the $47.50 midpoint of that range, the San Francisco webinar
company said it expects net proceeds of about $274.6 million, or
roughly $331.6 million if the underwriters exercise their option to
buy an additional 1.29 million shares.
ON24 said several current shareholders, including entities
affiliated with Canaan Partners, Goldman Sachs and Rho Ventures,
plan to sell about 2.29 million shares in the offering, bringing
the size of the IPO to 8.6 million shares.
ON24 said it will have about 44.5 million shares outstanding
after the IPO, for a market capitalization of roughly $2.11 billion
at the $47.50-a-share pricing midpoint.
ON24, founded in 1998 as NewsDirect Inc., said it has applied to
list its shares on the New York Stock Exchange under the symbol
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
January 25, 2021 13:41 ET (18:41 GMT)
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