Synacor Inc. has boosted the offering price for its stock sale, with the Buffalo-based Internet content provider now expecting to raise $94 million by issuing shares to the public in early February.
Synacor said Monday it expects to sell as many as 7.8 million shares in the offering at $10 to $12 a share, boosting the proceeds from the $75 million the company said it hoped to raise when it filed for the offering in November.
The stock sale is expected to take place Feb. 9.
Synacor, in an updated filing with the Securities and Exchange Commission, said its profits from its operations are expected to jump to between $3.8 million and $4.2 million during 2011, compared with an operating loss of $3.3 million in 2010.
The company's revenues are expected to range between $90.6 million and $91 million during 2011, up from $66.2 million in 2010, the filing said.
Synacor also said it acquired the assets of Carbyn Inc., an Ontario-based company that makes software and other technology for mobile devices, in a $1.1 million deal earlier this month.
Synacor would be the first company in the Buffalo Niagara region to launch an IPO since the recession battered the stock market and the first since Synacor pulled the plug on its own first attempt at selling $87 million in stock in 2007.
Synacor has 253 employees, most at its local offices on La Riviere Drive beside Erie Basin Marina.
The company plans to sell 5.5 million new shares through the offering, with existing shareholders selling almost 1.4 million of their own shares through the offering. Synacor's directors and top executives plan to sell nearly 637,000 shares.
Both the company and its current shareholders could sell even more shares if demand for the stock is strong enough that the offering's underwriters exercise their option to increase the size of the sale.
Rand Capital Corp., a Buffalo venture capital firm that owns a 4.9 percent stake in Synacor, plans to sell as many as 120,200 shares through the offering. That would reduce Rand's stake in the company to 3.3 percent.