New York
– Vringo, a provider of mobile video-sharing and video ringtone services, has
filed with the Securities and Exchange Commission (SEC) for an initial public
offering (IPO) that aims to raise $64.3 million.
Founded in 2006, New
York-based Vringo has to date raised a total of $17.5 million, from investors
including Warburg Pincus.
The company plans to move from its current free model
to a subscription offering, where users will pay a monthly fee for a basic
service and additional fees for premium content.
Vringo will use the expected
$10.3 million in proceeds from the offering for capital expenditures; cost of
revenue; research and development; sales and marketing; and general corporate
purposes, including repayment of part of a loan facility.
Related Links:
http://snipurl.com/u837l
(PaidContent)
