VERNON HILLS, Ill. – Yesmail.com Inc., a provider of direct e-mail marketing solutions, went public September 23, offering 3.4 million shares at $11 apiece. The company’s stock priced in the middle of its $10 to $12 filing range.
Underwritten by Deutsche Banc Alex. Brown, Thomas Weisel Partners and Volpe Brown Whelan & Co., the initial public offering left 20.3 shares of stock outstanding.
Venture backers included Platinum Venture Partners, Aragon Ventures, Wruk Partners, Manley Partners, Speer Partners and JN Weiss Partners. There were no selling shareholders.
Yesmail.com delivers direct e-mail marketing messages to targeted individuals who have given the company or its network partners permission to send promotional e-mail messages. The company can direct promotional campaigns through its network to more than 5 million self-selected members.
Yesmail.com plans to use the expected $33.7 million generated from the IPO to increase equity capital, create a public market for its common stock and facilitate future access to public equity markets. The company also will use the proceeds for general corporate purposes, including working capital.
Yesmail.com has never been profitable, losing $414,000 in 1997 and $1.7 million in 1998.
Michael Santer, a co-founder and general partner at Platinum, joined the company’s board of directors in February.
yesmail.com – Selected Financial
(in thousands, except per share data)
Year Ended December 31 Six Months Ended June 30
1996 1997 1998 1998 1999
Total revenue 935 2,468 4,583 2,046 3,642
Net loss -80 -414 -1,706 -460 -5,475
Net loss per share -0.01 -0.05 -0.22 -0.06 -0.6