EarthWeb Inc, which runs the developer.com site that grew out of Java applet directory Gamelan, has filed for its initial public offering, hoping to raise $34.5m before expenses. EarthWeb was founded in 1994 and gamelan.com made its name as Java was launched on the programming scene in 1995. Gamelan is now one of the many links off developer.com, which now contains resource directories, tutorials and a reference library as well as the full text of various technical books. It derives almost all of its revenues from advertising. The New York City-based company has not priced the offering or said how many shares are to be offered, but says it will use the money to expand its sales and marketing, possible strategic acquisitions or investments and international expansion. The S1 filing reveals a very small company, as might be expected. In the quarter ended June 30 the company recorded net losses of $1.5m on revenues of just $666,000. For the six months the losses were $2.9m, up from $2.3m the previous year, on revenues of $974,333, against $592,581 for the same period in 1997. For the whole of 1997 net losses were $7.8m on revenues of $1.1m. The company is 58%-owned by EarthWeb LLC, which is in turn owned by a partnership of the president and chief executive Jack Hidary, executive VP business development Murray Hidary and strategic planning advisor Nova Spivack. And the company’s principal funder Warburg Pincus Ventures LP holds a 42% stake. The offer is managed by JP Morgan & Co, Bear Stearns & Co Inc and Volpe Brown Whelan & Co. The ticker symbol will be EWBX.
