Ancestry.com Goes Public In NASDAQ IPO
Internet company Ancestry.com has gone public today with a $7.4 million Initial Public Offering on NASDAQ.
The company will trade with the stock symbol ACOM.
The money will be used by the company to repay debts and to look for potential acquisitions which could strengthen their market position.
As part of their IPO, company officials stood on the podium at NASDAQ and rang the opening bell.
Ancestry.com has been around since 1983 and boast being the world's largest destination website for family history buffs, with over 1 million subscribers. The company is based in Provo, Utah and was acquired by Spectrum Equity Investors in December 2007 for $354.8 million.
The company is having a solid year as revenues have increased 13% to $107.8 million. Ancestry.com says subscriber growth is strong, fueling top line growth.
Courtesy: WSE
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