RENO, Nev. – iGo Corp., a provider of accessories and services for mobile electronic devices, held an initial public offering October 14. The company offered 5 million shares at $12 apiece, above its $9 to $11 filing range.
BancBoston Robertson Stephens, Hambrecht & Quist and Thomas Weisel Partners L.L.C. underwrote the offering, which left 19.3 million shares outstanding.
There were no selling shareholders. Institutional Venture Partners and Wand Partners Inc. were venture backers.
iGo provides hard-to-find, model-specific accessories and services for mobile electronic devices such as laptop computers, cellular phones and handheld electronic organizers. The company enables its private and corporate customers to identify, locate and purchase these products and services exclusively through the Internet.
The $54.6 million in proceeds expected to be generated by the IPO will be used for general corporate purposes, including marketing and advertising, working capital and capital expenditures as well as for possible strategic acquisitions or investments.
iGo has never been profitable, losing $1 million in 1997 and $2.1 million in 1998.
David Callard, president at Wand Partners, joined the company’s board of directors in June 1996, followed by Peter Gotcher, a partner at Institutional Venture Partners, in October 1998.
iGo – Selected Financial
(in thousands, except per share data)
Years Ended December 31 Six Months Ended June 30
1995 1996 1997 1998 1998 1999
Total revenue 1,790 4,508 8,087 12,820 6,281 7,718
Net loss -157 -116 -1,026 -2,133 -981 -4,165
Net loss per share -0.03 -0.02 -0.19 -0.36 -0.17 -0.66