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Babylon seeks $115 million from NASDAQ IPO
Posted By Viva Sarah Press On November 7, 2012 @ 6:49 am In | No Comments
Babylon, a global provider of translation software solutions and Internet search services, announced that it has filed a registration statement with the US Securities and Exchange Commission for a proposed public offering of its ordinary shares in the United States. The IPO is expected to take place by the end of the year.
Babylon did not give details of the pricing for shares but reports indicate it wants to raise at least $115 million.
Babylon “intends to use the net proceeds from this offering for general corporate purposes, including sales and marketing expenditures aimed at growing our business through user acquisition activities with third party software distributors,” the company wrote in the prospectus.
Babylon, which holds a strategic partnership agreement with Google, was founded in 1997. The search giant accounted for more than 80 percent of Babylon’s 2011 revenue, according to the registration statement.
Babylon will trade its ordinary shares under the ticker symbol BBYL.
Citigroup and Jefferies are the joint book-running managers for the proposed offering, RBC Capital Markets is lead manager for the proposed offering, and Needham & Company, Oppenheimer & Co. and William Blair are the co-managers for the proposed offering.
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