SAN FRANCISCO – Flycast Communications Corp., a provider of Internet-based advertising solutions, went public May 4, offering 3 million shares at $25 per share.
BT Alex. Brown, Dain Rauscher Wessels and Hambrecht & Quist underwrote the initial public offering, which left 14.1 million shares outstanding.
Venture backers include Bessemer Venture Partners, Charles River Partnership, Intelligent Media Ventures Inc. and St. Paul Venture Capital Inc. There were no selling shareholders.
Flycast, which began operations in April 1996, works to increase the value of Web-based advertising. The company’s customers include direct marketing companies and those that sell goods over the Internet, such as BellSouth Corp., SBC Communications Inc. and US West Inc.
Proceeds from the offering, estimated at $75 million, will be used for general corporate purposes.
Bessemer Partner David Cowan and Charles River General Partner Ted Dintersmith joined the company’s board of directors in July 1997. Gary Prophitt, president of Intelligent Media Ventures, became a director in January.
Flycast Communications – Selected Financial
(in thousands, except per share data )
Year Ended December 31, Three Months Ended
1997 1998 March 31, 1998 June 30, 1998 September 30, 1998 December 31,1998 March 31, 1999
Revenue 630 8,029 603 1,172 2,116 4,138 4,656
Net loss -3,417 -9,307 -1,467 -1,776 -2,532 -3,532 -4,596
Net loss per share -31.8 -11.93 -3.26 -2.37 -2.85 -3.43 -4.04