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NEW YORK (AP) - Genealogy Web site Ancestry.com has succeeded in raising $100 million in its initial public offering. With more than a million paying subscribers, little competition, a small debt load and a record of increasing revenue, it fared better than other IPOs that have recently priced below their filing ranges.
The Provo, Utah-based company, which is the world's largest online resource for birth certificates and marriage records, priced the shares at $13.50 each late Wednesday — the midpoint of its expected $12.50 to $14.50 range. Underwriters are being offered up to an additional 1.1 million shares to cover overallotments, which would boost total proceeds to nearly $115 million.
Five of the last nine IPOs have closed below their offering price in the first day. But experts say that shouldn't be the case for Ancestry because technology IPOs have collectively performed about twice as well as other sectors so far this year.
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