Limelight Networks IPO: Higher Pricing & Higher Share Count (LLNW)

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By Douglas A. McIntyre Published
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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.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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