Viggle, which provides a mobile app that rewards users for watching TV and listening to music, raised $35 million by offering 4.4 million shares (2% lower than planned), at the low end of the downwardly revised $8-$10 price range. The company initially filed to offer 2.1 million shares at $23.50.
The stock has traded off 8% in early morning trading. At $7.40 share price and assuming the number of RSUs (1.8 million) to be issued on the offering to executives, directors and employees remains unchanged, the company now commands a fully diluted market cap of $125 million and an enterprise value of $124 million. Viggle is listed on the NASDAQ under the symbol VGGL. Ladenburg Thalmann & Co. was the sole bookrunner on the deal.
