Internet push technology pioneer Pointcast, in a long awaited move, has announced an initial public offering, issuing 3.75 million shares at $10-$12 a share.
Pointcast, founded in 1992, created the 'push' hype when it launched its Pointcast Network in 1995. Since then, push has become a dirty word and many copycats have faltered - but the Pointcast Network has remained popular even as other companies move to more personalised information delivery services. And Pointcast has deftly repositioned itself in recent months as an online publisher, not a software developer.
Pointcast developed its own, proprietary Internet client software, which it uses to deliver customised news content directly to the user?s desktop. The company has just launched version 2.5 of the software. It also offers a version of its client that works with Microsoft?s Internet Explorer.
The company now claims 1.2 million registered users of its information service. Paid advertising is the company?s main source of income, but it hasn't proved a bonanza yet - the company?s S-1 filing with the Securities and Exchange Commission says that for 1997, Pointcast had net losses of $29.1 million on sales of $18 million. In the first quarter of 1998, the company lost $6.4 million on sales of $5.1 million.
The company says it intends to use the proceeds of its IPO for general corporate purposes, including working capital, capital expenditures and the expansion of its sales capabilities and marketing efforts.
After the IPO, the total number of shares will be 21.3 million, giving the company a market cap of well over $200 million.
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