The company is selling some 5,750,000 shares of common stock at $14.00 per share. Unlike some recent IPOs where insiders and/or backers were selling shares, it turns out that all the stock being sold is by ChannelAdvisor itself. We had the original price talk between $12 and $14 per share for some 5.75 million shares, so this is at the top of the range.
Goldman Sachs is acting as the lead book-running manager and Stifel is acting as a book-running manager. Pacific Crest Securities, BMO Capital Markets, Needham & Company, and Raymond James & Associates are acting as co-managers. ChannelAdvisor has granted the underwriters a 30-day option to purchase up to 862,500 additional shares of common stock from ChannelAdvisor at the initial public offering price and under the same terms.
ChannelAdvisor’s S-1 amendment said, “As of March 31, 2013, we had nearly 2,000 customers worldwide, including 27% of the top 500 U.S. Internet retailers, as ranked by Internet Retailer magazine based on 2012 sales, up from 16% of the top 500 U.S. Internet retailers, based on 2007 sales, as of December 31, 2007…. In 2012, our customers processed over $3.5 billion in gross merchandise value, or GMV, through our platform. As of March 31, 2013, our customers managed over 100 million stock-keeping units, or SKUs, of their inventory on our platform.”
Total revenue grew from $36.7 million in 2010 to $53.6 million in 2012, but the core revenue in that same period grew from $32.7 million to $51.2 million.
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