Synacor amends S-1 form; seeks up to $94M in IPO

TV Everywhere vendor Synacor, which had been expected to register some 5.45 million shares priced between $10 and $12 in its initial public offering, is now planning to sell 7.84 million shares, possibly bringing the Buffalo, N.Y.-based company up to $94 million in cash.

The company, which counts CenturyLink (NYSE: CTL) and cable company Charter Communications (Nasdaq: CHTR )among its clients, filed an amended S-1 filing with the Securities and Exchange Commission with the new total on Monday. Synacor in November announced its plans for an IPO and, at the time, indicating it would look to raise $75 million. This filing is Synacor's second shot. In August 2007 it launched an ill-timed IPO effort that a languishing stock market caused it to kill after 15 months and $3.4 million in expenses.

The company has yet to set a date for its latest attempt, but the new filing is an indication that it's picking up pace.

Synacor's latest S-1 filing shows it expects net income in 2011 of up to $4.2 million, after a $3.3 million loss a year ago. Revenue this year could be as high as $91 million, an increase of 37 percent from the $66.2 million it recorded a year ago.

It listed 49 ISPs as customers in the filing, although CenturyLink and Charter accounted for about 60 percent of the company's revenue in 2010.

Synacor has plans to expand into Europe and Latin America, according to the Buffalo News.

Bank of America, Merrill Lynch, Citigroup, Stifel Nicolaus, BMO Capital Markets, Needham & Co. and Oppenheimer & Co. are underwriting the IPO.

For more:
- see this Light Reading report

Related articles:
Synacor taking second swing at IPO, this time for $75M
US Cable teams with Synacor to offer subscribers expanded access to online video content
EchoStar readying extensive OTT play for telcos, cable companies
TV Everywhere an increasing concern for smaller operators

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