Motricity Files for $250 Million IPO

NEW YORK (Reuters) – U.S. technology company Motricity Inc MOTR.O filed on Friday for an initial public offering of up to $250 million.

The Bellevue, Washington-based company, which provides services to wireless carriers, said it would use the proceeds from the IPO for working capital.

Motricity, which counts billionaire Carl Icahn among its investors, may also use the capital to acquire other businesses or products, according to the filing.

Funds connected to venture capital firms Advanced Equities Inc and New Enterprise Associates, as well as Icahn are among Motricity’s largest shareholders.

The company reported revenue of $88.8 million in the first nine months of 2009, up 19 percent from $74.8 million in the same period a year ago.

Motricity said it will apply for a listing on NASDAQ under the symbol MOTR.

Underwriters on the offering include Goldman Sachs Group, Barclays, Deutsche Bank, RBC Capital, Robert Baird, Pacific Crest and JPMorgan Chase & Co. (Reporting by Elinor Comlay; editing by Andre Grenon)