IPO News Archive
Online backup provider Carbonite slashes proposed IPO deal size
Carbonite, which is a leading provider of online backup solutions for consumers and SMBs, lowered the proposed deal size for its upcoming IPO on Wednesday. The Boston, MA-based company now plans to raise $66 million by offering 6.3 million shares (14% insider) at a price range of $10 to $11. The company had previously proposed a range of $15 to $17. At the mid-point of the revised range, Carbonite will raise -34% fewer proceeds than previously anticipated. Carbonite, which was founded in 2005 and booked $49 million in sales for the 12 months ended June 30, 2011, plans to list on the NASDAQ under the symbol CARB. BofA Merrill Lynch and J.P. Morgan are the lead underwriters on the deal, which is expected to price tonight after the market close.