Internet Ideas, a web content company controlled by Idealab, plans to raise $100 million in an IPO. Idealab has 77% voting control of the firm.

The question about the IPO is why anyone would want to own the shares.

The company owns a number of websites including carsdirect.com, vacationhomes.com, loan.com, and apartmentrating.com. All are second tier sites on a good day.

In the first quarter of this year, revenue dropped from $21.9 million last year to $19.1 million. What the company calls adjusted EBITDA fell from $7.9 million to $5.9 million over the same period.

The company already has $120 million or so in cash and investments available for sale.

Modest growth, at best. Second tier properties.

No sale.

Douglas A. McIntyre