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A dot-com has queued up in the IPO pipeline, with online genealogy research service Ancestry.com Inc. filing late Monday to raise $75 million in its public debut.
The company, one of the leading genealogy research sites, was founded in its online form in 1998 but had published genealogy books for over a decade before that. Two years ago a majority of Ancestry.com's parent company, then called the Generations Network, was acquired by a group led by Spectrum Equity Investors for $300 million (The Deal Pipeline subscribers can read more about that deal here). Prior to that deal, the company had raised about $95 million in venture funding. According to the S-1 filing, backers still owning over 5% of the company include Crosslink Capital, which owns 6.2%, and W Capital Partners, which owns 6.1%. Spectrum owns about 67% of Ancestry.com. Underwriters on the deal are Morgan Stanley (NYSE:MS), Bank of America Merrill Lynch, Jefferies & Co. (NYSE:JEF), Piper Jaffray Cos. (NYSE:PJC) and BMO Capital Markets. Ancestry.com posted net income of $8.2 million on revenues of $107.8 million during the first six months of this year. As of June 30, it had about 991,000 subscribers, compared to 861,000 at the same point last year. Check in with TheDeal.com later Tuesday for more details on the offering. - Olaf de Senerpont Domis
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