Viggle, a mobile app that rewards users for watching TV and listening to music, lowered the proposed deal size for its upcoming IPO on Thursday. The New York, NY-based company now plans to raise $40 million by offering 4.4 million shares at a price range of $8 to $10. The company previously filed to offer 2.1 million shares for $23.50. At the midpoint of the revised range, Viggle will raise 20% less in proceeds than previously anticipated.
Viggle, which was founded in 2011 and booked $17 million in sales for the 12 months ended December 31, 2013, plans to list on the NASDAQ under the symbol VGGL. Ladenburg Thalmann & Co. is the sole bookrunner on the deal. It is expected to price on April 24, 2014.
