E-commerce technology company ChannelAdvisor reports in its latest securities filing that it has targeted selling 5.75 million shares of stock at between $12 and $14 per share in an initial public offering.
The shares the Morrisville-based company intends to sell amounts to a 28 percent ownership stake in the business. If the shares fetch $13 per share, the company's market capitalization -- the total value of its outstanding shares -- would be $266.1 million.
Last month ChannelAdvisor filed plans for an IPO with the Securities and Exchange Commission, but didn't include details such as the target price of the shares it planned to sell. Those blanks were filled Thursday in an updated filing.
The company is looking to raise between $69 million and $80.5 million in its IPO, based on its per-share target of $12 to $14 per share. At $13 per share, the company's net proceeds would amount to $65.6 million after deducting fees and expenses.
The underwriters also have the option to purchase an additional 862,500 shares at the IPO price.
ChannelAdvisor plans to use the money to expand its sales and marketing efforts and possibly for acquisitions, among other uses.
ChannelAdvisor's revenue has been growing at a 21 percent annual clip and totaled nearly $53.6 million last year, but the company hasn't been profitable. In the first quarter its revenue rose 23 percent to $14.9 million, but its loss expanded to $2.7 million.
Nearly 2,000 businesses use ChannelAdvisor's software to integrate and manage their online sales across multiple sales channels, including marketplaces such as eBay and comparison shopping sites such as Nextag. Its software also enable businesses to automatically advertise products on Google and other search engines.
The company had 432 employees at the end of March.