Israeli website builder and host Wix filed a Form F-1 with the SEC Tuesday, stating their intention to raise up to $100 million in an upcoming IPO. The filing is one of the last steps before the IPO, for which no date has been announced.
News of the Wix IPO broke in June when the company filed its draft registration.
Wix offers website templates and over 140 applications which can be dragged and dropped, allowing customers without technical skills to custom-build sites, which Wix also hosts. The company claims that its platform has been used to create 37 million sites.
The cloud-based platform is available in several languages with customers in 190 countries.
Wix operates on a freemium model, which generated $43.7 million in revenue in 2012. That was up from 9.9 million in 2010, though Wix had net losses each year 2010-2012, as well as through the first half of 2013, totaling over $59 million. As of Aug. 31, Wix had 679,536 premium subscriptions, and had 14 consecutive quarters of growth both in premium subscriptions and revenues.
While the price and number of shares intended for sale is unknown, a March 2011 sale of preferred shares was conducted with a price per underlying ordinary share of $20.48, a price which has subsequently been used in a transaction to secure credit for the company.
Wix will be traded on the NYSE under the symbol WIX, and the IPO is underwritten by JP Morgan, Merrill Lynch, RBC Capital Markets and others.
IPOs often bring formerly private information to the public, making the estimation of share number or price challenging, as seen in the case of the EIG IPO.