Israeli video cloud management company Kaltura has published a revised prospectus with the SEC and reset lower terms for its Nasdaq IPO. Three months ago, Kaltura planned raising $244-$278 million at a $2 billion valuation but abandoned the flotation due to low demand, Trend reports with reference to Globes.
The company now hopes to raise $135-165 million at a share price of $9-$11 and a valuation of $1.1-$1.4 billion. The amount raised by Kaltura could increase by $20.3-$24.8 million, if the underwriters exercise their options to buy shares at the IPO price within 30 days.
In the initially planned IPO, some of the company's shareholders were due to sell shares including the founders CEO Ron Yekutiel, president Dr. Michal Tsur, Dr. Shay David, and Eran Etam. In the revised prospectus there are no offers to sell shares by shareholders.
After the IPO .406 Ventures will hold a 14.2% stake in Kaltura worth about $176 million. Yekutiel will hold shares worth $77 million, Tsur will hold shares worth $52 million and David will hold shares worth $50 million. Other shareholders include Nexus India, Avalon Ventures, Intel Capital and Goldman Sachs.
According to preliminary figures, the company had $40.2-42 million revenue in the second quarter of 2021, up from $28.8 million in the corresponding quarter and $37.7 million in the preceding quarter. Net loss in the second quarter of 2021 was $11 million, compared with a net loss of $15.6 million in the corresponding quarter.
Kaltura, which develops and markets video management systems for businesses and media organizations, has 650 employees. Customers include Oracle, Berlitz, Goldman Sachs, Bloomberg, Vodafone, and various universities in the US.