PALO ALTO, Calif. – Bamboo.com Inc., a provider of 360-degree virtual tours of real estate properties on the Internet, went public August 26, offering 4 million shares at $7 apiece. The company’s stock priced exactly at its filing price.
Prudential Securities, Dain Rauscher Wessels, Volpe Brown Whelan & Co. and E*OFFERING underwrote the initial public offering, which left 20.4 million shares outstanding.
Venture backers included Trident Capital, Walden Media, VantagePoint Venture Partners, Intel Corp., Lanek Ltd and Jascan Investments Corp. There were no selling shareholders.
Bamboo.com produces virtual tours of property by videotaping the interior and exterior of homes and other properties and then distributes them by e-mail to real estate agents.
The company plans to use the expected $24.4 million generated in the IPO to redeem stock, for working capital and for general corporate purposes, including the expansion of sales and marketing activities and the enhancement of its virtual tour technology. The company may use a portion of the proceeds to acquire complementary products, technologies or businesses.
Bamboo.com has never been profitable, losing $142,924 in 1997 and $1.8 million in 1998.
Leonard McCurdy, president of Lanek, has been the company’s chairman since inception and its chief executive officer since January. Andrew Laszlo, a former business development manager at Intel, joined as the company’s senior vice president of business development in January. Duncan Fortier, president of Jascan, Philip Sanderson, a partner with Walden Media, and John Moragne, managing director of Trident, all joined the company’s board of directors in March.
bamboo.com – Selected Financial
(in thousands, except per share data)
Years Ended December 31 Six Months Ended June 30
1997 1998 1998* 1999*
Total revenue 45,553 77,410 39,391 536,074
Net loss -142,924 -1,840,293 -1,071,411 15,893,732
Net loss per share -0.05 -0.31 -0.22 -2.14