Prime Response Files to Raise $52.3 Million in IPO
Marketing software provider Prime Response Group Inc., Cambridge, MA, filed with the Securities and Exchange Commission last week to raise about $52.3 million in an initial public offering. The company did not disclose how many shares it plans to sell or the expected range of the opening price for those shares.The company, which makes campaign management software that seeks to help large corporations create and execute targeted marketing campaigns, said it lost about $15.5 million on $13 million in revenues through the first nine months of 1999. It filed to trade on the Nasdaq exchange under the symbol PRME.
The company said it would use about $10.4 million of the proceeds from the IPO to pay some holders of its series B preferred stock and $4.3 million to pay a promissory note. Proceeds also will be used for working capital, product development, acquisitions and general corporate purposes.
