Hostopia Files for $40 Million IPO
July 5, 2006 — (WEB HOST INDUSTRY REVIEW) — Late on Friday, Web hosting provider Hostopia (hostopia.com) filed to raise up to $40 million through an initial public offering. Final terms of the offering have not yet been set.
The company, based in Fort Lauderdale, Florida, will employ an underwriting syndicate including RBC Capital markets for the offering.
Hostopia reported $2 million of net income on $18 million revenue during the year ending March 31, compared to $3.4 million net income on $14.3 million the previous year.
One of the company’s founders, Franc Nemanic stepped down as CEO at the beginning of 2006, partly out of an interest to pursue more start-up level business opportunities. At the time, the move drew some speculation with regard to an impending IPO.
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