TechTarget Files for Initial Public Offering
Web-centric, technology media company TechTarget Inc. today filed its intention to make an initial public offering of its common stock.
The filing comes a little more than a year after Needham, Massachusetts-based TechTarget told Folio: Alert that it was focused on an IPO after testing the waters for potential buyers. TechTarget decided to seek an IPO after discreetly putting itself on the block and failing to get the $600 million asking price it sought.
According to its Securities and Exchange Commission filing, TechTarget, which publishes 35 Web sites, three magazines and a number of events, had revenues of $55.9 million for the first nine months of 2006, up from $48.5 million in the same period in 2005. The company’s EBITDA for the first three quarters of 2006 was $12.6 million, up from $10 million for the same nine month period in 2005. It makes the majority of its revenue from its Web sites, which brought in $35.8 million in the first nine months of 2006. Its print publications had revenues of $6.1 million and its events brought in just under $14 million during the same period.
Morgan Stanley & Co. and Lehman Brothers Inc. are acting as joint book-running managers, with Cowen and Company, LLC and Piper Jaffray & Co. acting as co-managers for the offering, according to a statement from TechTarget. A copy of the prospectus relating to these securities may be obtained when available from Morgan Stanley or Lehman Brothers, the statement said.