Aliso Viejo-based Internet retailer Buy.com Inc. cut the expected price for its initial public offering shares to $8, down from $11 to $13.
Buy.com now is set to raise about $33 million in its offering, down from as much as $54 million. The company plans to sell nearly 4.2 million shares. It will have a market value of about $150 million.
The shares are set to trade on Nasdaq under the “BUYY” symbol and could debut next week.
Proceeds are set to go toward working capital and possible acquisitions, Buy.com said in a filing.
Buy.com posted a net loss of $10 million and sales of $332 million for the nine months ended Sept. 30.
The company had filed to raise as much as $86 million in an offering earlier this year. The offering was scaled back in early fall.
Buy.com went public in a big offering in 2000, but was taken private by founder Scott Blum a year later.
