MENLO PARK, Calif. – GetThere.com Inc., an online travel services company, went public November 23, offering 5 million shares at $16 apiece. The company’s stock priced at the top of its $14 to $16 filing range.
Underwritten by Donaldson, Lufkin & Jenrette Inc., Salomon Smith Barney, Bear, Sterns & Co. Inc. and WR Hambrecht & Co. L.L.C., the initial public offering left 31.3 million shares outstanding.
There were no selling shareholders. United Airlines, American Express Travel Related Services Co. Inc., Brentwood Venture Capital, U.S. Venture Partners and ITN Joint Ventures were venture backers.
The company supplies software and services to assist clients such as Chevron Corp., NIKE Inc. and Texas Instruments Inc. with their business trips and travel expenses. Its products also help airlines offer online reservations and help travel agencies and other clients offer travel bookings.
The $72.2 million in proceeds expected from the IPO will be used for capital expenditures, working capital and for other general corporate purposes.
GetThere.com has never been profitable, losing 6.4 million in 1998 and $15.6 million in 1999.
Jeffrey Brody, a general partner at Brentwood, joined the company’s board of directors in April 1996, followed by Dale Vogel, a partner at U.S. Venture, in April 1997.
GetThere.com – Selected Financial
(in thousands, except per share data)
Year Ended January 31 Six Months Ended July 31
1997 1998 1999 1998* 1999*
Total revenue 582 3,001 6,447 2,709 5,598
Net loss -3,437 -6,358 -15,649 -6,492 -20,344
Net loss per share -1.22 -1.81 -4.03 -1.73 -5.05