Odimo IPO Raises $28 Million
February 15, 05
Odimo's IPO yesterday (Monday) raised $28 million, selling 3.1 million shares at $9 each. In late January, Odimo said it would offer 3.75 million shares with an anticipated price of $11 - $13 per share but on Friday revised its SEC filing, reducing terms to 3.1 million shares at an anticipated price of $9 - $10 per share.
Odimo, the owner of online luxury retailers Diamond.com, WorldOfWatches.com and Ashford.com, starts trading on the Nasdaq exchange today (Tuesday) under the ODMO ticker.
At the lower end of the revised price, and selling fewer shares than first planned, Odimo raised nearly a third less then it originally intended.
Odimo, which was founded in 1998, posted January-September income of $30.7 million, a 31 percent rise over the same period the year before, but posted losses of $10.6 million. Its total cumulative losses are estimated at $67 million.
Principal stockholders are brothers Beny and Daniel Steinmetz and Nir Livnat. Other major investors include Softbank Capital Partners, GSI Commerce Solutions and a group comprised of Neeraj Gupta, Sachin Gupta and the Aamba Ma Family Trust.