Endurance International Group Holdings Inc, a provider of cloud-based services, filed with U.S. regulators to raise up to $400 million in an initial public offering of its common stock.
The Massachusetts-based company provides services such as website design creation, email and commerce solutions, online marketing, mobile and productivity solutions to small- and medium-sized businesses.
Spending on cloud-based services among small- and medium-sized ventures is projected to grow by 28 percent to $96 billion between 2012 and 2015, Endurance International said in a filing on Monday. (r.reuters.com/beb92v)
The company said its revenue more than tripled to $292.2 million, while its net losses widened to $139.3 million from $44.3 million during the last three years.
Endurance International, which counts investment funds and entities affiliated with Warburg Pincus and Goldman Sachs among its shareholders, did not reveal how many shares it planned to sell or their expected price.
The company intends to list on the Nasdaq under the symbol "EIGI" and named Goldman Sachs, Credit Suisse and Morgan Stanley as lead underwriters to the offering.
Endurance International plans to use the proceeds for working capital and other general corporate purposes.
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 Neha Dimri in Bangalore; Editing by Sriraj Kalluvila)