ATLANTA – iXL Enterprises Inc., an Internet strategy consulting company, held an initial public offering May 2. The company offered 4.8 million shares at $12 apiece, at the high end of its $10 to $12 filing range.
Underwriters included Merrill Lynch & Co., Donaldson, Lufkin & Jenrette, BancBoston Robertson Stephens and SG Cowen. The offering left 63.5 million shares outstanding.
Kelso Equity Partners V, CB Capital Investors, General Electric Capital Corp., Greystone Capital Partners I and General Electric Capital Corp. were venture investors.
iXL Enterprises, founded in March 1996, provides businesses with Internet strategy consulting, helping companies determine how the Internet can be used to their competitive advantage. iXL’s customers include BellSouth Corp., Carlson Wagonlit Travel, WebMD and Time Warner Inc.
Proceeds from the offering, worth an estimated $62.3 million, will be used for general corporate purposes.
Thomas Wall and Frank Bynum Jr., both managing directors of Kelso & Co., joined the company’s board of directors in April 1996, followed by Thomas Rosencrants, founder of Greystone Capital Group, in January 1999, and Gary Wendt, former chairman and chief executive and president of General Electric Capital Services, in June.
iXL Enterprises – Selected Financial
(in thousands, except per share data)
Year Ended December 31, Three Months Ended March 31,
1997 1998 1998 1999
Revenue 18,986 64,767 6,864 33,012
Net loss -15,440 -48,866 5,938 -18,255
Net loss per share -2.36 -4.92 -0.78 -1.46