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October 10, 1999

Egreetings Files for $75m IPO, Bags $23.6m in Funding

By CBR Staff Writer

Electronic greeting card company Egreetings Network Inc has filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock worth up to $75m. The San Francisco-based company has yet to determine the number of shares or the offering price. Underwriters for the offering are Credit Suisse First Boston, Robertson Stephens and US Bancorp Piper Jaffray.

Separately, the company said it has raised $23.6m in new equity financing ahead of the proposed IPO. The new funding takes the company’s total equity investments to $60m. Austin Ventures and Trans Cosmos USA led the investment group. Existing investors, including Vulcan Ventures, also participated in the round. For the first half of the year, Egreetings posted a loss of $12.3m on revenue of just $724,000. Online advertising are the company’s primary source of revenue.

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