Motricity named one of the worst public offerings of the year |
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Motricity named one of the worst public offerings of the year
For many, an initial public offering is part of the entrepreneurial dream. But for some companies that have ventured into the public markets this year -- including Bellevue-based Motricity -- it has turned into a nightmare. PeHub.com today produced its list of the five best and worst IPOs of the year. Unfortunately, the Seattle area's only representative fell in the latter category.
Motricity was ranked the fourth worst venture-backed IPO of the year, losing 30 percent of its value since going public in June.
The other poor performers were Codexis (down 44 percent); Global Geophysical Services (down 38 percent); Alimera Sciences (down 34 percent); and Alpha and Omega Semiconductor (down 28 percent).
Interestingly, PeHub's Dan Primack notes that 16 of the 26 venture-backed companies that went public during the first half of the year are now trading below their offering prices. That's bad news for prospective entrepreneurs and venture capitalists who are wondering about taking their companies public.
Motricity, a maker of mobile software, raised $50 million through its public offering, a significant reduction from the $250 million that it expected to raise when it filed. The stock priced at $10 per share, and has continued to fall. It is now below $7, trading at $6.94 this morning.
That was up from Friday in part because Motricity announced today that its mCore Platform will continue to be offered through Verizon Wireless.
PeHub's list of the best IPOs included: China Lodging, JinkoSolar, AutoNavi, Accretive Health and HiSoft. Interestingly, four of the five top performers are based in China.
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