Bidz.com Files for IPO of Up to $57.5M

[mandy]

Bidz.com Inc. has registered for an initial public offering of up to $57.5 million in common stock, according to a filing with the Securities and Exchange Commission.

The Culver City, Calif.-based online jewelry retailer didn't disclose details about the number of shares to be offered or an estimated price range for the offering in Friday's filing.

Bidz.com said it intends to apply to list its stock on the Nasdaq Stock Market under the symbol BIDZ

For the year ended Dec. 31, 2005, the company posted net income of $2.65 million, up from $771,000 in 2004.

full article: http://www.latimes.com/business/investin...y?ctrack=1&cset=true

[mandy]

Update: number of shares to be offered cut from 6.2 million to 3 million (about 11% of the company's shares)

An initial public offering for online retailer Bidz.com Inc. was delayed for a second day, and the number of shares expected to be sold was cut in half...

The forecast range for the offering was lowered to $7 to $8 per share, from $8 to $10...

full article: http://today.reuters.com/stocks/QuoteCom...px?view=CN&storyID=2006-06-29T212913Z_01_N29279930_RTRIDST_0_TECH-BIDZ.XML&rpc=66

[mandy]

Another update:

Bidz.com withdraws IPO and outlines alternative path to NASDAQ

Thirteen months after first announcing plans to go public, Bidz.com last week gave up plans for an initial public offering of stock, saying it could not convince enough shareholders to agree to hold onto their shares for 180 days after the IPO.

Instead of hiring an underwriter to manage the sale of shares, the company says it will list its shares initially on the Over The Counter Bulletin Board, enabling investors to sell shares through brokers that choose to buy and sell the stock. Once certain qualifications are met, the company plans to list its shares on the NASDAQ stock exchange, CEO David Zinberg and CFO Lawrence Kong wrote in a letter to shareholders...

full article: http://www.internetretailer.com/dailyNews.asp?id=22179