Endurance International Group announced on Monday plans to raise $400 million in an IPO. EIG did not disclose how many shares of common stock it plans to sell or the price. The company plans to list on the NASDAQ under the ticker symbol EIGI.
Based in Massachusetts, EIG is one of the top hosting companies in the United States, among GoDaddy, Web.com and United Internet, with brands including HostGator, Bluehost and FatCow as part of its hosting portfolio.
United Internet was one of the first hosting companies to go public in 1998, with IPO proceeds of around $60 million was used to finance further growth. Web.com shares have strengthened considerably since 2009 when it filed for an IPO. In June, Wix.com submitted a draft registration statement to the US Securities and Exchange Commission for a potential IPO of its ordinary shares.
EIG’s revenue tripled to $292.2 million, while its net losses reached $139.3 million from $44.3 million during the last three years, according to a report by Reuters.
Endurance shareholders include Warburg Pincus and Goldman Sachs. Goldman Sachs, Credit Suisse and Morgan Stanley are lead underwriters to the offering.
Original article published at: http://www.thewhir.com/web-hosting-news/endurance-international-group-files-for-400-million-ipo