THE CUTTING EDGE/TECHNOLOGY NEWS : MORE ON TECH : Tickets.com Scales Down Its IPO Plan
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Tickets.com Inc. said it would sell about 6.7 million shares at between $7 and $9 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 Costa Mesa-based company, which provides tickets online for sports and entertainment events, would be worth more than $500 million if it succeeds in going 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 part of the proceeds of the offering to repay about $20.7 million in long-term debt as well as for working capital.
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