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Professional Diversity Network increases proposed IPO deal size to $20mm
By: Renaissance Capital
Professional Diversity Network, which provides online professional networking for minorities, raised the proposed deal size for its upcoming IPO on Wednesday. The Chicago, IL-based company now plans to raise $20 million by offering 1.8 million shares at a price range of $10 to $12. The company had previously filed to offer 1.0 million shares at a range of $9 to $11. At the midpoint of the revised range, Professional Diversity Network will double its previously anticipated proceeds. Professional Diversity Network, which was founded in 2007 and booked $6 million in sales for the 12 months ended 9/30/2012, plans to list on the NASDAQ under the symbol IPDN. Aegis Capital is the sole bookrunner on the deal.