Wix.com Ltd, which helps companies build and operate websites, to raise up to $100 million in an IPO

October 2, 2013 Leave a comment

Website development platform Wix.com files for $100 million IPO

7:50pm EDT

(Reuters) – Wix.com Ltd, which helps companies build and operate websites, filed with the U.S. regulators on Tuesday to raise up to $100 million in an initial public offering. Wix, which sells its cloud-based templates to design websites to small business owners, said revenue grew to $43.7 million in 2012 from $9.9 million 2009. Net losses widened 30 percent in the period.The Israel-based company, whose App Market allows companies to install more than 140 different apps on their websites, said 37 million businesses, organizations, professionals and individuals used its platform.

Wix intends to use the net proceeds from the IPO to step up headcount, to increase its selling and marketing expenses focused and for general corporate purposes.

The company plans to list its common stock on the New York Stock Exchange under the symbol “WIX.” It did not reveal how many shares it planned to sell or their expected price.

JP Morgan Securities LLC, Merrill Lynch, Pierce, Fenner and Smith Inc and RBC Capital Markets LLC were underwriting the IPO, Wix told the U.S. Securities and Exchange Commission in a preliminary prospectus. (link.reuters.com/cun53v)

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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