Everyday Health, Inc., the parent company of Revolution Health, announced on January 25, 2010, that it has filed a $100 million initial public offering (IPO) with the Securities and Exchange Commission (SEC). Goldman Sachs & Co. and J.P. Morgan Securities Inc. will be the joint book-running managers. Jefferies & Company, Inc. and Needham & Company, LLC will act as the co-managers.
The firm plans to use the symbol EVDY on the Nasdaq stock market. The company said the offering proceeds will be applied towards the development of new content and advertising-based services, capital expenditures, to repay credit, and for acquisitions.
Everyday Health is a consumer health website firm that owns 25 online health sites for brands such as the South Beach Diet and Jillian Michaels (one of the trainers on NBC’s show The Biggest Loser). Previously known as Waterfront Media, the company purchased Revolution Health, co-founded by AOL’s Steve Case, in October 2008.
Is the multi-property model for consumer health websites the main IPO strategy? Time will tell if this is an exception or the rule.