Motricity Prices Initial Public Offering
Gail Chiasson, North American Editor
Motricity, a Bellevue, Washington-based provider of mobile data solutions, has priced its initial public offering of 6 million shares of common stock at a price of $10 per share.
This includes 1 million shares that are being purchased at the initial public offering price, less the underwriting discount by one or more entities affiliated with Carl Icahn. who has an existing 18.5% beneficial ownership interest in the Company prior to this purchase.
Motricity’s common stock has begun trading on the NASDAQ Global Market under the symbol ‘MOTR’. The underwriters have a 30-day option to purchase up to an additional 750,000 shares of common stock from the Company at the initial public offering price.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are acting as joint book-running managers. Deutsche Bank Securities Inc., RBC Capital Markets Corp., Robert W. Baird & Co. Inc., Needham & Company LLC and Pacific Crest Securities LLC are acting as co-managers.