Hoping PayPal’s IPO has paved the way for Internet companies to come back to Wall Street, Netflix filed to go public on March 7. The Los Gatos, Calif.- based online DVD rental company is hoping to raise upwards of $115 million in proceeds, which will be used for marketing and corporate purposes, as well as to repay $13.7 million in subordinated promissory notes, including accrued interest.
Netflix, which has filed to trade on the Nasdaq under the ticker symbol NFLX, has not yet disclosed a price range or the number of shares it is looking to sell. The deal will be managed by Merrill Lynch, Thomas Weisel Partners and U.S. Bancorp Piper Jaffray.
Netflix has raised a total of $102.44 million from venture backers such as Europ@web, Foundation Capital, Institutional Venture Partners, LV Capital, Technology Crossover Ventures, and West Coast Venture Capital.
Colleen Marie O’Connor can be contacted at:Colleen.Oconnor@tfn.com