Carbonite Seeks to Raise $106 Million in Cloud-Storage IPO
Carbonite Inc., the provider of online data-backup services, is seeking to raise as much as $106 million in its initial public offering.
The Boston-based company, which lets users save and access computer files remotely using so-called cloud storage, aims to sell 6.25 million shares for $15 to $17 each, according to a filing with the U.S. Securities and Exchange Commission. Proceeds will be used for working capital, it said.
Carbonite announced its IPO in May, joining a flood of new filings for share sales. In the second quarter, companies registered for initial offerings at the fastest pace since 2007, according to Bloomberg data. Carbonite’s offering may be completed during the week of Aug. 8, Bloomberg data show.
Carbonite has reported total losses of $87.9 million since it was founded in 2005, according to the filing. The company had about $16 million of cash at the end of June, enough to fund operations for at least 12 months, it said. Sales increased 63 percent in the six months through June from a year earlier, to $27.2 million.
The company is selling about 5.4 million of the shares in the offering, with the remainder coming from existing holders. Menlo Ventures of Menlo Park, California, the biggest shareholder, isn’t selling, according to the filings.