Loopnet, the top online resource for commercial real estate had a successful IPO today opening up. The last 5 Initial Public Offerings have all been flat so brokers were pleased that Loopnet’s IPO was successful and there is such confidence for the commercial real estate market.
LoopNet priced in the middle of its $11-$13 range and raised $72 million by offering 6 million shares with underwriters Credit Suisse, Thomas Weisel, Pacific Crest Securities and Pacific Growth Equities.
San Francisco-based LoopNet provides real estate listing services to businesses and individuals.
The company reported net income of $3 million and revenue of $10.2 million in the quarter ended March 31, compared with net income of $1.9 million and revenue of $6.2 million in the year-ago period.
In its featured IPO column, Renaissance Capital said that the company faces competition from CoStar Group, as well as rival efforts from Google Inc., Yahoo Inc., Microsoft Corp. and Craigslist Inc., which is 25% owned by eBay Inc. See featured IPO column. via MarketWatch.
