Web ad management company AdKnowledge filed for an initial public offering that could raise as much as $57.5 million.
The exact number of shares to be sold and their price will be disclosed in a subsequent filing with the Securities and Exchange Committee. AdKnowledge customers include eBay, eToys, PlanetRx.com and SportsLine USA.
“We seek to build on our current position as a market leader to become the industry standard provider of ad management and analytic services to marketers and agencies,” the filing said.
AdKnowledge backers include The Walden Group and Kleiner Perkins Caufield & Byers, which respectively hold 20 percent and 18.5 percent stakes in the company.
AdKnowledge has never been profitable and said in its filing that it expects continued losses. The company reported an accumulated deficit of $21.6 million as of June 30.
AdKnowledge reported a net loss of $7.7 million on revenue of $1.6 million for the six months ending June 30, compared with a net loss of $4.6 million on revenue of $1 million for the same period a year earlier. Nasdaq symbol is expected to be ADKN.
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