The Active Network Inc, the cloud computing applications and event registration services firm, has priced its initial public offering (IPO) of 11,000,000 shares of common stock at US$15.00 per share.
The company’s common stock will begin trading on the New York Stock Exchange under the symbol “ACTV” on May 25, 2011. Of the shares of common stock to be sold in the offering, Active Network is offering 8,222,222 shares, and selling stockholders are offering 2,777,778 shares.
In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares to cover overallotments, if any. The company will not receive any proceeds from the sale of shares by the selling stockholders.
BofA Merrill Lynch and Citi are acting as the joint-bookrunning managers for the offering, and Allen & Company LLC, Stifel Nicolaus Weisel, RBC Capital Markets, ThinkEquity LLC and WR Hambrecht+Co are co-managers.
