NEW YORK – Jupiter Communications Inc., a media research firm, went public October 8, offering 3.1 million shares of stock at $21 apiece. The company’s stock priced above its $18 to $20 filing range.
Underwritten by Donaldson, Lufkin & Jenrette, Deutsche Banc Alex. Brown, Thomas Weisel Partners and DLJdirect Inc., the initial public offering left 14.3 million shares outstanding.
Gartner Group Inc. was a venture backer. There were no selling shareholders.
Jupiter provides clients with research on e-commerce, offering views of industry trends, forecasts and practices. The company’s analysis is supported by proprietary data and is delivered through a subscription product called the Strategic Planning Services.
The company plans to use the expected $59.9 million generated from the IPO to increase working capital, create a public market for common stock, facilitate future access to common stock and public capital markets, and to increase visibility in the marketplace.
Jupiter has never been profitable, losing $2.3 million in 1997 and $2.1 million in 1998.
Jack Foreman, who formerly held a number of positions at Gartner, joined as the company’s vice president of strategic development in February 1998.
Jupiter Communications – Selected Financial
(in thousands, except per share data)
Year Ended December 31 Six Months Ended June 30
1995 1996 1997 1998 1998* 1999*
Total revenue 3,700 6,252 8,522 14,802 5,913 14,400
Net loss -472 -613 -2,250 -2,137 -1,600 -130