Motricity, which provides a web-based mobile data services platform for wireless carriers, lowered the proposed deal size for its upcoming IPO on Thursday. The Bellevue, WA-based company now plans to raise $62 million by offering 5.9 million shares at a price range of $10.00 to $11.00. The company had previously filed to offer 6.8 million shares at a range of $14.00 to $16.00. At the mid-point of the revised range, Motricity will raise -39% fewer proceeds than previously anticipated. Motricity, which was founded in 2001 and booked $114 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol MOTR. J.P. Morgan and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price later tonight.
