Motricity scales back IPO pricing, terms

Mobile content solutions provider Motricity disclosed in a regulatory filing Thursday that it now estimates its proposed initial public offering will include 5.87 million shares of common stock priced between $10 and $11 apiece. Motricity previously projected an offering made up of 6.75 million shares valued at $14 to $16 apiece.

Motricity filed for an initial public offering to raise up to $250 million in January 2010. The firm--which will file for a Nasdaq listing under the symbol MOTR--said the proceeds of the IPO are earmarked to fund investments and product/technology acquisitions, with the remaining net proceeds going into short-term, interest-bearing investment grade securities.

Motricity's mCore platform offers mobile operators tools to manage their mobile content, web, messaging and marketing efforts. Per the SEC filing, the company provides mobile data services to more than 30 million subscribers worldwide.

For more on the Motricity IPO:
- read this RTTNews article

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