Aliso Viejo-based Internet retailer Buy.com Inc. is looking to raise up to $55 million in an initial public offering, the company said in a regulatory filing Friday.
Buy.com plans to sell 4.2 million shares at $11 to $13, according to a filing with the Securities and Exchange Commission. Underwriters could sell an extra 625,000 shares.
A date for the offering hasn’t been set.
The company earlier had hoped to raise as much as $86 million in an offering.
Buy.com recently tidied up an issue that might have concerned investors prior to an offering.
The company owed some $26 million to founder Scott Blum’s ThinkTank Holdings LLC, parent of Buy.com and several other companies.
The debt was set to be repaid with the stock sale’s proceeds, according to the January filing.
But more recent filings indicate Blum forgave most of the debt.
Most of the proceeds of the offering now are set to be used for working capital and possible acquisitions, Buy.com said in a filing.
Buy.com had an ill-fated walk on Wall Street during the dot-com boom, eventually being taken private again by Blum in 2001 at a small fraction of what it once traded.
