There's a new company hoping to join the Nasdaq-listed 'family' of stocks. Ancestry.com has filed with the Securities and Exchange Commission for a $75 million initial public offering, with the ticker "ACOM".
The Utah-based company was founded in 1983, and allows users to research family histories via historical records on its site.
Private-equity backed Ancestry.com says it will use the proceeds to expands it business, possibly through acquisitions, as well as to repay debt. This is good news for the struggling CIT Group, as Ancestry.com says it will repay a $117 million credit facility from CIT Group (NYSE:CIT) with 25 percent of its IPO proceeds.
Ancestry.com has 900,000 users, and made $2.4 million in profits last year on $198 million in revenue.
And action on the IPO front is good news for banks as well; Ancestry.com's underwriters include Bank of America Merrill Lynch (NYSE:BAC), Morgan Stanley (NYSE:MS), Jefferies & CO. (NYSE:JEF), Piper Jaffray (NYSE:PJC) and BMO Capital Markets (NYSE:BMO).
Other internet-based companies that have done an IPO this year include OpenTable (NASDAQ:OPEN) and LogMeIn (NASDAQ:LOGM).
For MarketNewsVideo.com, I'm Angela Salvucci.
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