WiderThan plans NASDAQ flotation
Korean mobile content firm aims for IPO, reveals financial details
Another mobile content firm looks set to join the NASDAQ exchange in the coming months, with Korean firm WiderThan confirming its intention to IPO on the stock market with a set of regulatory filings at the end of last week.
WiderThan is closely related to South Korean telecoms giant SK Telecom, which is the firm's largest customer - representing well over half of its revenues - as well as its second largest shareholder.
However, the company also has significant business in the United States, where it acquired long-time partner Ztango back in 2004, and it does business with a wide range of networks across the globe.
WiderThan is best known for pioneering the ringback tone business model in South Korea, but also has its fingers in a large number of other content pies - including mobile games, music on demand services and messaging services.
Its filing with the Securities and Exchange Commission ahead of its IPO reveals that it had revenues of $71.6 million in 2004, and recorded revenues of $70 million for the first six months of this year alone.
WiderThan plans to float under the symbol WTHN on the NASDAQ, and will offer six million shares with an estimated price of $14 to $16 each. The firm hopes to net $52 million from the flotation, allowing it to speed up the pace of its expansion significantly through business and technology acquisitions.