CentralNic raises $10 million in IPO

Source: http://domainincite.com/14369-centralnic-raises-10-million-in-ipo

New gTLD registry back-end provider CentralNic raised a reported £7 million ($10 million) on its London Alternative Investment Market debut yesterday.

The IPO, which netted £5 million for the company and £2 million for existing shareholders, valued the company at £32.5 million ($50.6 million).

Its float price was 55p per share, but it's trading at 66p right now.

CentralNic had previously said that it intends to use the money to expand its new gTLD business and to explore opportunities to provide back-end services for ccTLDs.

The company runs .la, has contracts to run 53 gTLDs, and sells subdomains under numerous pseudo-gTLDs such as uk.com and us.com.