UPDATE 1-Classmates Media expects to raise $117.7 mln from IPO
(Adds details)
Nov 23 (Reuters) - Online social networking service Classmates Media Corp, a unit of United Online Inc (UNTD.O: Quote, Profile, Research, Stock Buzz), said it expects its initial public offering of 12 million Class A common shares to be priced at $10 to $12 each.
The company said it expects net proceeds of about $117.7 million, which it plans to use to repay debt and for general corporate purposes.
In an amended regulatory filing, the company said Goldman Sachs & Co, Deutsche Bank Securities and JP Morgan were underwriting the IPO and have an option to buy up to an additional 1.8 million shares.
Classmates Media said it has applied to have its Class A common stock listed on the Nasdaq under the symbol "CLAS."
Following the offering, United Online will continue to be Classmates' controlling stockholder.
For the first three quarters of 2007, Classmates reported net income of $1.7 million and revenue of $140.1 million. (Reporting by Aniruddha Basu in Bangalore; Editing by Sayantani Ghosh)
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