MobiTV looks to raise $75M with IPO filing

Mobile television services firm MobiTV became the latest tech company to announce plans for an initial public offering, stating it aims to raise as much as $75 million according to a filing with the U.S. Securities and Exchange Commission. MobiTV did not indicate how many shares it plans to offer or how it will price them. JPMorgan Chase & Co. and Deutsche Bank AG are managing the IPO, and MobiTV will trade under the symbol MBTV, although it is unclear which exchange will list its shares.

The MobiTV platform offers live television, video-on-demand content and offline viewing options, delivering news, sports and scripted programming from networks including ABC, CBS, NBC, ESPN, The Disney Channel, MTV and Comedy Central. MobiTV services are now available across all premier mobile operating systems--the firm also powers white-label services including AT&T (NYSE:T) U-Verse Live TV, T-Mobile TV and Sprint (NYSE:S) TV. Bloomberg reports that the three operators generated 42 percent of MobiTV sales in the first half of 2011.

MobiTV's SEC filing states the company streamed 1.4 billion minutes of content in 2010, up from 264 million in 2007. Revenues increased to $37 million during the first half of this year, up 17 percent compared to the first six months of 2010, and net losses narrowed to $8.08 million from $9.36 million. The MobiTV filing adds that operating expenses during the first two quarters of 2011 were $44.8 million, while total net losses over the past three years reached $54.5 million.

MobiTV is at least the fifth U.S. company to file for an IPO in the past week alone, Bloomberg adds. MobiTV joins firms including consumer review website Angie's List and enterprise networking solutions provider Jive Software.

For more:
- read this Bloomberg article

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