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LiveXLive Media plans to price IPO at $12 to $14 per share


According to Market Intelligence, December 2022


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LiveXLive Media plans to price IPO at $12 to $14 per share

Music-dedicated premium streaming network company LiveXLive Media Inc. disclosed details of its IPO, saying in an Oct. 16 SEC filing that it expects to sell 7,692,308 of its common shares at a price between $12.00 and $14.00 per share.

The underwriters of the offering will have the option to buy an additional 1,153,846 common shares. The company estimates its net proceeds from the offering would be up to $91.7 million at $13.00 per share, the mid-point of the estimated IPO price range. If the offering's underwriters fully exercise their option to buy additional shares, net proceeds for LiveXLive Media could reach about $105.6 million.

The company plans to use the net proceeds from the offering to fund working capital, capital expenditures, the company's $50.0 million acquisition of Slacker Inc., its acquisition of social network and dating developer Snap Interactive Inc. and other general corporate purposes, which may include future acquisitions of businesses and content.

As of Sept. 29, the company's Chairman and CEO Robert Ellin and stockholders affiliated with him beneficially owned about 41.7% of the company's common stock. After giving pro forma effect to the shares in this offering and after giving pro forma effect to the Slacker acquisition and the Snap acquisition and assuming no exercise of the underwriters' over-allotment option to purchase additional shares, the same group will beneficially own about 34.37% of the company's outstanding voting stock.

BMO Capital Markets Corp., JMP Securities LLC and Craig-Hallum Capital Group LLC are serving as underwriters of this offering.