Intel-backed Synacor revives IPO plans
(Reuters) - Synacor Inc, partly owned by Intel Corp, filed with U.S. regulators on Friday to raise up to $75 million in an initial public offering, reviving its plans to tap the public markets after three years.
In a filing with the U.S. Securities and Exchange Commission, the company -- which builds Internet software tools and portals -- said BofA Merrill Lynch, Citigroup, Stifel Nicolaus Weisel, BMO Capital Markets, Needham and Company and Oppenheimer & Co would be underwriting the offering.
Synacor had earlier filed to go public in August 2007 with Bear Stearns -- the first investment bank to fall during the financial crisis -- as one of its main underwriters. Synacor pulled its IPO in October 2008 due to market conditions.
Companies like Synacor and casino operator Caesars Entertainment are breathing life back into their plans to go public following the strong response received by group-discount site Groupon Inc on its debut.
According to the filing Chipmaker Intel owns slightly more than 10 percent of Synacor, which is also backed by Walden International and Crystal Internet Ventures.
The filing did not reveal the exchange the company planned to list on.
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.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Savio D'Souza)