Lindows Preps for IPO Despite Setbacks
The developer of a Linux-based OS files registration papers for a public offering that could raise as much as $57.5 million, while battling legal challenges and continued financial losses.Lindows Inc., fresh from changing the name of its flagship product, is preparing to go public as it struggles to earn a profit. The San Diego-based company on Tuesday filed an initial public offering registration with the Securities and Exchange Commission. The company did not pinpoint a date for the IPO but announced that it will conduct an auction-based stock offering process that is being co-managed by WR Hambrecht + Co. and Roth Capital Partners LLC. Lindows IPO plans follows operating losses every year since its founding in July 2001. For the year ended Dec. 31, 2003, Lindows lost $4.08 million on revenues of $2.07 million, according to its S-1 filing with the SEC.
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