The operator of the leading real-time group messaging platform today announced it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock.
Founded in 1995, ChatNet Corporation operates ChatNet, the premier group chat service connecting professionals, creatives, and communities through private, threaded conversations. The platform currently supports more than 180,000 monthly active rooms across finance, design, academia, and media.
ChatNet distinguishes itself through its emphasis on persistent, searchable archives and enterprise-grade moderation tools. Revenue is derived from premium room subscriptions, enterprise licensing, and selective advertising placements within public channels.
Shares offered: 4,200,000 shares of common stock
Price range: $12.00 – $14.00 per share
Expected net proceeds: approximately $48 million
Proceeds are intended to expand server infrastructure, develop new mobile clients, and accelerate international expansion into European and Asian markets. A portion will also be used for working capital and general corporate purposes.
The offering is expected to close in the fourth quarter of 1997, subject to market and regulatory conditions. Goldman Sachs & Co. and Morgan Stanley & Co. Incorporated are acting as lead underwriters.
Investors should carefully consider the following risks, among others detailed in the prospectus:
The company has incurred operating losses since inception and may not achieve profitability in the foreseeable future.
Requests for printed copies of the preliminary prospectus or additional information regarding the offering may be directed to the company’s investor relations department using the form below.