Austin online coupon company RetailMeNot Inc. has filed for an initial public stock offering, which it hopes will raise up to $230 million, according to documents filed Monday with the U.S. Securities and Exchange Commission.
The company said it will apply to have its stock listed on the Nasdaq Global Select Market under the trading symbol “SALE.”
Founded in 2009 as WhaleShark, the company has become the world’s leading online marketplace for coupon and consumer deals, largely by buying smaller websites. The company in 2010 bought RetailMeNot, an Australian company that runs one of the top coupon sites in the world.
The company changed its name to RetailMeNot in March.
RetailMeNot’s business model differs from daily deal sites such as Groupon and Living Social, which offer steep discounts on local, once-a-day deals.
The company’s main customers are large coupon companies such as Dell Inc., Macy’s and Walmart, and deals often entail free shipping or $5 or $10 off a purchase. The company generates revenue through advertising on its sites and through commissions from merchants.
Last year, RetailMeNot had more than 450 million visits to its websites.
RetailMeNot posted net income of $26,000 on revenue of $144.7 million in fiscal 2012, which ended Dec. 31, according to the securities filing. The company’s net income before it paid dividends to its preferred shareholders totalled nearly $26 million last year.
The company employs more than 220 in Austin, official have said.
In 2011, RetailMeNot raised $150 million to expand its only network of coupon and deal websites, bringing its total venture capital raised to $300 million. Investors include Austin Ventures, Google Ventures and J.P. Morgan Asset Management.
Before the offering, RetailMeNot’s biggest shareholders include Austin Ventures, with 36.7 percent of total shares; Norwest Venture Partners, with 23.7 percent and Institutional Venture Partners with 8 percent. RetailMeNot CEO Cotter Cunningham holds 3.9 percent of the shares.
Austin has had one other IPO this year: USA Compression Partners, a natural gas compression service provider, raised $198 million in January.
Last year, Austin had two IPOs − software maker Bazaarvoice raised $114 million in February and Tex-Mex restaurant chain Chuy’s raised $75.8 million in July.
Underwriters for RetailMeNot are Morgan Stanley & Co.; Goldman, Sachs & Co. and Credit Suisse Securities.