Limelight Networks (LLNW-NASDAQ) did price its widely anticipated IPO. It sold 16 million shares at $15.00, but this is a higher share count than the 14.4 million expected and the pricing itself was well above the $10.00 to $12.00 range.
Joint book-runners were listed as Goldman Sachs and Morgan Stanley; with co-managers listed as $Piper jaffray, Friedman Billings Ramsey, and Jefferies.
The company competes directly against Akamai Tech (AKAM-NASDAQ) and has almost an identical description: setting high performance servers at strategically placed POPs to deliver media-rich content faster and smoother to end-users. In fact, the business is so identical that it is in a patent case against Akamai & MIT. Its 2006 revenues were $64 million and it is still growing. Some key customers are listed as XM satellite radio, MSNBC, Viacom, ABC, Sony, XBox, Adobe, Microsoft, Facebook, and MySpace.
More detail information can be found at www.limelightnetworks.com.
Jon C. Ogg
June 8, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.