Wix Looking to Raise $385 Million in Private Offering
In May, Wix published its first-quarter report for 2018, reporting revenue of $137.8 million, up 49% from a year earlier
For daily updates, subscribe to our newsletter by clicking here.Nasdaq-listed Wix offers users the ability to set up websites using customizable templates. While a basic website site is free, advanced options like removing ads, creating email campaigns and offering online shopping carts cost money.
In May, Wix published its first-quarter report for 2018, reporting revenue of $137.8 million, up 49% from a year earlier, and loss per share of 42 cents, down from 47 cents a year earlier. The company reported a loss of 5 cents per share in the first quarter compared to 18 cents year-over-year.
Wix expects to settle the sale to initial purchasers by Tuesday, and has granted them a 13-day option to purchase up to an additional $57.8 million aggregate principal amount of the notes. Conversions of the notes will be settled in cash, ordinary shares of Wix or a combination of both, according to the company's decision, Wix said.
Wix has also entered into privately negotiated capped call transactions with some of the initial purchasers, their respective affiliates and/or other financial institutions, the company stated.
The company estimated that after deducting fees and estimated offering expenses, its net proceeds will be approximately $374 million, or $430 million if the initial purchasers exercise their over-allotment option in full.