Motricity Slashes IPO Terms

Motricity Inc., a Bellevue, Wash.-based provider of mobile marketplace management solutions, has cut its proposed IPO terms to 5.87 million shares being offered at between $10 and $11 per share. It originally filed to sell 6.75 million common shares at between $14 and $16 per share.

The company plans to trade on the Nasdaq under ticker symbol MOTR, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

Motricity reports around $113 million in 2009 revenue, compared to $103 million in 2008, with net loss shrinking to $16 million from $78 million.

The company has raised over $365 million in VC funding, from Advanced Equities (26.4% pre-IPO stake), Carl Icahn (21.12%), New Enterprise Associates (8.38%), Technology Crossover Ventures (5.54%), Massey-Burch Capital, Noro-Moseley Partners, Intel Capital, Qualcomm Ventures, Sienna Ventures, TriState Investment Group and Wakefield Group.