Ancestry.com Files For An IPO
Ancestry.com is a genealogy company that recently filed for an IPO. The company hopes to raise $75 million as part of the public offering. The IPO was revealed in a recent SEC filing. Ancestry plans to list themselves on either the NASDAQ or the NYSE under the symbol ACOM with Morgan Stanley and Bank of America’s Merrill Lynch acting as the lead underwriters.
Ancestry started in 1983 under the name Generations Network. The company changed the name to Ancestry.com Inc. last month in order to prepare for the IPO according to paidContent.
Some of the related websites and software that Ancestry.com owns includes Family Tree Maker, myfamily.com, Rootsweb, MyCanvas, Jiapu.com, and Genealogy.com. The company sold $300 million worth of equity stake to previous investor Spectrum Equity Investors in 2007 as part of a recap. Before that Ancestry.com raised $95 million in funding from Sorenson Media, CMGI@Ventures, and several other investors.
Ancestry.com has about one million paying subscribers and their revenue for 2008 was $197.6 million. Thus far the company invested $80 million to acquire and digitize additional records. The company’s profits for the first 6 months in 2009 was $8.18 million. During the same period the year before, the company made $1.24 million in profits.
The company plans to repay a large amount of debt to credit facility CIT Lending Services Corporation.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry