WebSideStory Lowers IPO Price
The Web analytics company now anticipates its shares will price in the $8-$9 range, down from $10-$12. The San Diego company still plans to sell 5 million shares. The IPO is now expected to net $40 million to $45 million, instead of $50 million to $60 million.
The market for Internet-related IPOs has soured since WebSideStory filed in May. Adware maker Claria withdrew its proposed $150 million offering last week, and Google was forced to cut its target price. RightNow Technologies, a maker of customer relationship management software, lowered the price of its shares during its public offering earlier this month.
WebSideStory's analytics software tracks and reports on visitor behavior for Web sites. Clients include Best Buy, FedEx and Walt Disney Internet Group. It competes in the crowded analytics space with firms such as Omniture and NetIQ.
During the first six months of the year, WebSideStory reported $10.3 million in sales and $326,000 of net income.