marks first Internet IPO to file since Facebook's debut


Shutterstock photo, which operates the largest online automotive marketplace, filed on Friday with the SEC to raise up to $300 million in a US initial public offering. The Atlanta, GA-based company, which was founded in 1997, operates under the and Kelley Blue Book brands. filed back in April 2000, just past the peak of the dot-com bubble with just $5 million in sales and -$47 million in losses, but subsequently withdrew its registration statement in November 2000.

Today, the company looks vastly different than its tech bubble profile. For the 12 months ended March 31, 2012, generated $1.1 billion in sales, $335 million in adjusted EBITDA and $62 million in net income. The company, which generates the bulk of its revenue from selling pay-for-placement listing subscriptions to dealers, saw revenue growth accelerate in 2011, increasing 39% year-over-year compared to a 17% increase in 2010. A large part of's 2011 revenue growth was driven by four acquisitions, most notably Kelley Blue Book, which it purchased for $532 million in December 2010. Kelly Blue Book generated over $120 million in standalone sales in both 2009 and 2010., whose major shareholders include Cox Enterprises and Providence Equity Partners, plans to list on the NASDAQ under the symbol ATG. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.'s S-1 filing marks the first Internet company to file for a US IPO since Facebook's ( FB ) debut and only the sixth US filing since the May 18. The five others include IT software company Qualys (QLYS), Realogy parent Domus Holdings (DMSH.RC), PMIC provider iWatt (IWAT), South American retailer Cencosud S.A. ( CNCO ) and Jamaican bank National Commercial Bank Jamaica ( NCJ ). was the only company to file for an IPO during the week of June 11 as market tensions were high ahead of Sunday's Greek elections.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs
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