HotJobs.com Ltd, the New York-based company which operates an internet-based job recruitment service, has filed with the Securities and Exchange Commission for an initial public offering of up to $69m of its common stock. Although the number of shares or a price range have yet to be determined, all of the shares in the sale will be offered by the company. The managing underwriters for the offering are Deutsche Banc Alex Brown, BancBoston Robertson Stephens and SG Cowen.
HotJobs is obviously eager to get its IPO off amid the current warm climate for internet issues, as the proceeds from the offering aren’t immediately necessary. Just two weeks ago, the company announced its first round of funding, bagging $16m in venture capital. It said it would use the cash to expand its infrastructure and workforce, and to fund increased marketing activity. Its main competitor is Monster.com Inc, which has spent considerably on television advertising. Last year, HotJobs booked a net loss of $1.6m on revenue of $4.2m. á
