Wix.com, a cloud-based global web development platform, announced terms for its IPO on Wednesday. The Tel Aviv, Israel-based company plans to raise $119 million by offering 7.7 million shares (29% insider) at a price range of $14.50 to $16.50. At the midpoint of the proposed range, Wix.com would command a fully diluted market value of $719 million.
Wix.com, which was founded in 2006 and booked $59 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol WIX. Wix.com initially filed confidentially on May 30, 2013. J.P. Morgan, BofA Merrill Lynch and RBC Capital Markets are the joint bookrunners on the deal.
