Dow Jones reported at roughly 5:30 p.m. EST that Local Matters has priced its initial public offering of 3.3 million shares at between US$14 and US$16 per share. This works out to a range of US$46 million to US$53 million, in round terms.
Denver-based Local Matters, led by longtime online directory entrepreneur Perry Evans, provides online directory and directory assistance infrastructure. The company recently launched a "Destination Search" online directory platform, unveiled in R.H. Donnelley Chicago online B2B directory.
According to Dow Jones, citing the company’s S-1 filing, "The company said it expects to use about $18.5 million of the net proceeds of this offering to repay outstanding debt, use $1.3 million to pay amounts owing under performance obligations and the balance for general corporate purposes and working capital."
Nothing said about new Ferraris. I guess that would be a little too ’90s.