Digital marketing company MaxPoint Interactive is hoping to sell 6.5 million shares of stock at between $10.50 and $12.50 each in its planned initial public offering.
The Morrisville company also reported in a regulatory filing Monday that it would have nearly 19.1 million shares outstanding after its IPO, meaning it plans to sell a one-third ownership stake to the public. If it goes public at $11.50 per share, the midpoint of its target price, the company would have a market capitalization – the total value of its outstanding stock – of nearly $220 million. Ultimately, the per-share price is set by investor demand.
Maxpoint, which was founded in 2007, filed plans to go public earlier this month but didn’t include details about how many shares it planned to sell or at what price, which is customary for an IPO-bound company. Last year the company’s revenue rose 61 percent to $106.5 million, but it posted a loss of $13 million. The company has 323 workers.
MaxPoint’s software uses the power of big data to help companies target consumers online who live in neighborhoods with appealing demographics. MaxPoint connects billions of data points from brick-and-mortar stores and online and social media to identify neighborhoods that are fertile grounds for a particular product or services. It has created the digital equivalent of ZIP codes by dividing the nation into 44,000 neighborhoods, which it calls Digital Zips.
MaxPoint sells its software as a service either directly to customers or through advertising agencies that represent those customers. Its customers include Starbucks, appliance maker Electrolux and pasta company Barilla.
IPOScoop.com reports in its IPO calendar, which is based on information obtained from underwriters, that it expects Maxpoint shares to begin trading on Friday, March 6. For that to happen, the company typically would price its shares the evening before.
MaxPoint has applied to have its shares listed on the New York Stock Exchange under the symbol MXPT.