LoopNet Files for $86M IPO

SAN FRANCISCO-LoopNet may raise up to $86 million in an initial public offering, according to a regulator filing Thursday. Terms have not been set for the offering, which is expected to be lead by CreditSuisse. The locally based operator of a real estate listing Web site has applied for a Nasdaq listing under the symbol “LOOP.”

LoopNet.com provides a Web service that allows commercial real estate agents to post listings. The company had 335,000 listings as of Dec. 31, 2005, according to the prospectus.The company earned $18.9 million on revenue of $31.0 million in 2005 after earning $3.7 million on revenue of $17.0 million in 2004, according to the prospectus.

The company has never paid any cash dividends on its common stock and has no plans to do so “in the foreseeable future.” LoopNet says it plans to use the proceeds for “general corporate purposes. Although not currently party to any such agreements, the filing states that “if the opportunity arises,” the company may use proceeds to “acquire or invest in businesses, products or technologies that are complementary to our own.”

LoopNet competitors include Cityfeet.com, which provides the commercial real estate listings for Yahoo Inc.’s listing service; CoStar, a provider of information and research services to the commercial real estate market; and many others with Web sites such as industry organizations and publications and online auction sites like eBay and craigslist that provide commercial real estate listings.