QuinStreet, Inc., in a filing with the U.S. Securities and Exchange Commission, revealed its intention for initial public offering of common stock. The company said it expects the proposed maximum aggregate offering price of the offering to be $250 million. QuinStreet, which was founded in 1999, generates revenue by delivering measurable online marketing results to clients.
The Foster City, California based company did not disclose the number of shares it intends to offer, or its price range. The company said it intends to apply to list its common stock under the symbol "QNST".
For the three months ended September 30, 2009, the company earned $6.51 million, on net revenue of $78.55 million. For the fiscal year ended June 2009, the company posted net income of $17.27 million, compared to $12.87 million.
QuinStreet's Chief Executive Officer and Chairman Douglas Valenti, Director James Simons, Director Gregory Sands, Entities affiliated with Split Rock Partners, Entities affiliated with Sutter Hill Ventures hold significant stake in the company.
QuinStreet stated that it plans to use this offering net proceeds to repay the outstanding balance of its term loan, and any remaining net proceeds for working capital, capital expenditures and other general corporate purposes.
With Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities Inc. acting as joint book-running managers and underwriters, Qatalyst Partners LP is acting as financial advisor.
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