Active Network, a US-based online service for sportsmen backed by media group Disney, plans to raise $150m in its flotation.
Active Network has raised more than $275m, according to news provider Fortune.
In its regulatory filing, Active said Disney’s majority-owned sports network ESPN held 22.4% of its shares, and had paid $6.4m in fees for Active’s services in the 2009 financial year.
Elicia Acquisition Corporation, an investment vehicle for events sales provider Ticketmaster, owns 10.7% and the parent company has a right of first refusal to buy Active.
Venture capital firms Canaan Partners (16.1%) and Calvert Capital Management’s ABS Ventures (9.6%) owned other significant parts of Active.
Fortune said Austin Ventures, Charles River Ventures, Dominion Ventures, Kettle Partners, Enterprise Partners VC, North Bridge Venture Partners had also been investors. The regulatory filing said Active’s series F round sold 6.4 million shares at $14.43 each.
BoA Merrill Lynch and Citi are serving as co-lead underwriters. The company posted an $18m loss on $218m in turnover for the first nine months of last year, compared to a $23m loss on $188m in revenue for the same period in 2009.