CafePress Inc. (NASDAQ: PRSS) is set to debut on the stock market today after pricing its initial public offering. The on-demand printing e-commerce site sells items such as tee-shirts, coffee mugs, key chains, posters, and just about anything else with logos, images, and phrases. This was technically not one of our Top 17 IPOs to Watch in 2012 but it could have easily been on the list if the offering was larger.
The offering was for only 4.5 million shares at a price of $19.00. We had a price range of $16.00 to $18.00 and the demand was high enough for a premium pricing. Of the offering, 2.5 million shares are being sold by the company and 2 million shares are coming out from selling shareholders. The company will have 16,978,700 shares outstanding after this offering.
J.P. Morgan and Jefferies acted as the joint book-runners for the offering; Cowen and Company, Janney Montgomery Scott, and Raymond James & Associates are the co-managers. Sequoia Capital owns about 20% of the current stock and that will still be about 17% or so after the offering is completed. Selling stockholders have granted the underwriters a 30-day overallotment option to purchase up to 675,000 additional shares of common stock.
The company is profitable with $3.6 million in net profit and sales in 2011 were up 37% to $175.5 million.
JON C. OGG
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