IronPlanet, Inc., an online marketplace for used heavy equipment, filed a registration statement with the regulator for a proposed initial public offering of up to $92 million of common stock. The company said it applied to list its common stock on The NASDAQ Global Market under the symbol "IRON"
In 2009, IronPlanet's online marketplace had connected over 1,600 unique sellers to over 7,600 unique buyers, from among 14,500 unique bidders located across 92 countries, who bought approximately 30,000 individual pieces of equipment, according to the filing.
The Pleasanton, California-based company was incorporated in Delaware on January 6, 1999, under the name Federal Sales Corp., and changed name to IronPlanet.com, Inc. on November 2, 1999, and to IronPlanet, Inc. on November 18, 2009.
IronPlanet said it intends to use the proceeds from this offering for general corporate purposes. The company noted that the number of shares to be offered and the price range for the offering have not yet been determined.
J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. will be acting as joint book-running managers, with Cowen and Company, Piper Jaffray & Co. and Needham & Company, LLC acting as co-managers.
For the year ended December 31, 2009, the company's net income was up sharply to $12.9 million from $1.85 million in 2008. Revenue for the year rose to $54.7 million from $35 million in 2008.
Entities affiliated with Accel Partners, Caterpillar Inc. (CAT), Komatsu America Corp. hold a significant stake in the company.
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