MINNEAPOLIS, Minn. – Net Perceptions, a provider of Internet marketing solutions, held an initial public offering April 23. The company offered 3.65 million at $14 apiece, well above its $10 to $12 filing range.
The initial public offering, underwritten by BancBoston Robertson Stephens, Hambrecht & Quist and U.S. Bancorp Piper Jaffray, left 21.2 million shares outstanding.
Hummer Winblad Venture Partners, London Pacific Life & Annuity Company and Vulcan Ventures were venture backers. There were no selling shareholders.
Net Perceptions, founded in July 1996, distributes marketing solutions software for Internet retailers. The company’s product line consists of Net Perceptions for E-Commerce, Net Perceptions for Call Centers and Net Perceptions Recommendation Engine. Barnesandnoble.com, CDnow, Egghead.com, Ticketmaster Online and Value America are Net Perception customers.
Proceeds for the offering, worth $51.1 million, will be used for general corporate purposes.
Ann Winbald, general partner of Hummer Winblad, became a director in August 1996.
Net Perceptions – Selected Financial
(in thousands, except per share data )
Period from July 3, 1996 (Inception) Year Ended December 31,
to December 31, 1996 1997 1998
Total revenue 4 317 4,477
-1,027 -4,722 -4,968
Net loss per share -3.4 -3.01 -1.4