O.C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : Tickets.com Drops Price of Initial Stock Offering
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Costa Mesa-based Tickets.com Inc. on Wednesday said it would sell about 6.7 million shares at between $7 and $9 each in its pending initial public offering, raising as much as $56.3 million, significantly less than the $75 million that the company said in June that it hoped to generate.
The company, which sells tickets online for sports and entertainment events, would be worth more than $500 million if it goes public at the top of its stated price range.
Last year, Tickets.com lost $33 million and had revenue of $30 million.
The company said it will use parts of the proceeds of the offering to repay about $20.7 million in long-term debt and for working capital.
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