Online video service Brightcove will price its IPO between $10 and $12 per share, according to a new filing with the SEC.
The company first filed for the IPO back in August of last year, saying it wanted to raise up to $50 million. Now, $50 million is at the lower end of its price range. If Brightcove sells the maximum number of shares (it's set to sell 5 million shares, plus an extra 750,000 if demand is high) at $12, it could raise up to $69 million.
The filing also updates Brightcove's key metrics through the end of 2011. The company, which sells online video publishing and distribution services, says it had 3,872 customers as of Dec 31. Its revenue grew last year to $63.6 million (from $43.7 million in 2010), but it still showed a loss of $17.8 million. Thanks to plans to “continue to invest in the growth of our business and operations,” Brightcove says it expects to see losses until the end of this year at least.
Brightcove also revealed ambitions beyond video when it announced its App Cloud last year, with its first commercial sale in September and general availability in November, according to the filing.