CitySearch, a provider of regional arts and entertainment information on the web, has filed with the Securities and Exchange Commission for an initial public offering of $50m worth of stock. Under a ‘CTYS’ ticker symbol, the company hopes to raise cash to expand its coverage in the USA and overseas and to market its brand. NationsBanc Montgomery Securities, BancAmerica Robertson Stephens and Donaldson, Lufkin & Jenrette Securities are to manage the offering. As with GeoCities’ filing two weeks ago (CI No 3,431), it’s not easy to see where the CitySearch shareholders’ value will lie. The company has yet to report a profit in spite of growth in advertising revenues. Last quarter it lost $7.98m on revenues of $2.56m. CitySearch’s debts amounted to nearly $60m as of March 31 1998.
