Euronet Services Inc., a Hungarian automated teller machine company, filed with the Securities and Exchange Commission for an initial public offering of 5.3 million shares.
Budapest-based Euronet, which was founded by American technology entrepreneur Michael Brown, is attempting to sell 3.09 million shares itself; shareholders would offer the remaining 2.21 million. The latter group would retain 76% control of the company.
If the shares each sell for $13, the midrange company projection, the offering would raise $37 million after expenses. The underwriter is ING Baring Securities Inc., and the stock's Nasdaq symbol is EEFT.
The proceeds would be used mainly to expand and operate the Euronet system, which has 130 ATMs in Hungary and 35 in Poland. The only independent, nonbank ATM operator in central Europe, Euronet plans to expand in Germany and several other countries.
Euronet reported $638,000 in revenue and a net loss of $2.56 million through the first nine months of 1996. In all of 1995, it lost $2.09 million on revenue of $62,000.
Mr. Brown, the chairman and chief executive officer, founded Innovative Software Inc., a company that was sold to Informix Inc. in 1988. He was also an original investor in the software company Visual Tools Inc.
- Bloomberg Business News