MOUNTVILLE, Pa. – MapQuest.com Inc., an online mapping and destination information service provider, held an initial public offering May 4. The company offered 4.6 million shares at $15 apiece, above the $11 to $13 filing range.
BancBoston Robertson Stephens, Thomas Weisel Partners L.L.C., U.S. Bancorp Piper Jaffray and Volpe Brown Whelan & Co. underwrote the offering, which left 32.1 million shares outstanding. There were no selling shareholders.
Trident Capital, Weston Presidio Capital and Highland Capital Partners were venture backers.
MapQuest, founded in 1995, provides customized maps, online mapping solutions and driving directions for online customers. The company originally was formed as a business unit of R.R. Donnelley & Sons Co., which became a subsidiary of the MapQuest unit in 1994. The company Web site received more than 2.7 million visitors in February, according to Internet audience measurement service, Media Metrix Inc.
Proceeds will be used to redeem 1.3 million shares of MapQuest Series B preferred stock and for general corporate purposes. The company has never paid cash dividends.
Two Trident managing directors sit on the company’s board: John Morange joined in November 1994 followed by Robert McCormack, who sat on the board from November 1994 to July 1997 and later rejoined the board in May 1998. Danial Nova, general partner of Highland, and Carlo von Schroeter, a general partner at Weston Presidio, became directors in July 1997.
MapQuest.com – Selected Financial
(in thousands, except per share data )
Year Ended December 31,
1996 1997 1998
Total revenue 19,577 21,416 24,717
Net loss -1,276 -7,599 -3,155
Net loss per share -8.84 -64.43 -12.09