Keating Capital, Inc. (KIPO) said Wednesday that its portfolio company LifeLock, Inc. has filed a registration statement with the U.S. Securities and Exchange Commission to raise up to $175 million in a proposed initial public offering of its common stock.
The number of shares to be offered and the price range for the offering have not been determined.
LifeLock plans to apply to list its shares on the New York Stock Exchange under the ticker "LOCK."
Sachs & Co., BofA Merrill Lynch, and Deutsche Bank Securities Inc. will act as joint book-running managers for the offering. RBC Capital Markets, Canaccord Genuity Inc., and Needham & Company, LLC will act as co-managers.
LifeLock provides proactive identity theft protection services for consumers and identity risk assessment and fraud. Keating Capital completed a $5 million investment in the Series E convertible preferred stock and warrants of LifeLock in March.
According to the filing, Series E investors are entitled to receive additional common shares upon conversion if the anticipated IPO price as determined by the LifeLock board is less than $13.3919. However, LifeLock has the right to repurchase those additional common shares from Series E investors for $0.001 per share if the volume weighted average price of LifeLock's common stock during the ten trading days immediately following the IPO is greater than the anticipated IPO price.
by RTT Staff Writer
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