Friday, September 22, 2006 3:48:14 AM
with an initial public offering that priced above its forecast range, according to an
underwriter.
The 9.1-million-share offering, which represents about a 27 percent stake in the company,
sold for $16 per share compared with a $12 to $14 forecast.
Existing stockholders sold about 1.6 million shares while the company sold about 7.5 million shares,
according to a filing with the U.S. Securities and Exchange Commission.
The offering price gives the company an initial market capitalization of about $535 million.
The company earned $5.9 million profit on revenue of $21.4 million in the first six months of 2006
after losing $675,000 on revenue of $10.6 million in the same period in 2005, the filing said.
DivX roughly doubled revenue from technology licensing between the first half of 2005 and 2006,
according to financial statements submitted to the SEC.
The company's compression-decompression software library (codec), or media file format, has been downloaded
from the company's Web site more than 50 million times in the past 12 months, the filing said.
Underwriters, led by JP Morgan, have the option to buy an additional 1.4 million shares
to cover over-allotments.
The San Diego, California-based company has applied for a Nasdaq listing under the symbol "DIVX"
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