RetailMeNot Inc., a provider of online coupons from more than 60,000 retailers and brands, is seeking as much as $230 million in a U.S. initial public offering.
The Austin, Texas-based company didn’t say how many shares it will offer or at what price in a regulatory filing. The offering size is a placeholder amount used to calculate registration fees and may change.
RetailMeNot announced its IPO plans after Internet and technology companies this year have raised $1.5 billion in U.S. IPOs and gained an average of 39 percent in trading, data compiled by Bloomberg show. The company, whose owners include JPMorgan Chase & Co. (JPM), Google Inc. (GOOG) and Norwest Venture Partners, will use proceeds from the sale to fund unpaid dividends to shareholders, according to the filing.
RetailMeNot reported net income of $26.7 million on revenue of $155.6 million in the 12 months through March 31, according to the company’s filing. The company generated 78 percent of its revenue from the U.S. in the first three months of 2013.
Groupon Inc., the biggest daily-deal website, raised more than $800 million in its November 2011 IPO, including an overallotment. The Chicago-based company, which makes money by offering consumers discounts from businesses such as restaurants and nail salons, has seen its stock drop by nearly two-thirds since it went public.
Morgan Stanley, Goldman Sachs Group Inc. and Credit Suisse Group AG are leading the offering. RetailMeNot has applied to list on the Nasdaq Stock Market under the symbol SALE.
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