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Wednesday, August 16, 2006

InnerWorkings IPO Debuts Today

InnerWorkings (INWK) will debut in trading today as it priced its 10.59 million share IPO $9.00, which is at the top of the $8.00 to $9.00 range. 7.06 million shares are coming from the company, and 3.53 million are being sold by holders.

The managing underwriter and book-running manager of the offering was Morgan Stanley; Jefferies & Company, Piper Jaffray, William Blair, and Morgan Joseph served as co-managers.

We discussed this on Monday, and noted that the company looks good and in a traditional and easy to understand business as it operates in printing and logistics for all printing operations of many enterprise and small to mid-size businesses. The one issue to note is that a large portion the revenue growth last year was on a pro-forma basis that stemmed from an acquisition completed in May of 2006. That isn't a deal killer by any means, but it will make some of the traditional buyers at least crunch these numbers with a sharper eye.

Here is the prior LINK to the background data posted on Monday.

Jon C. Ogg
August 16, 2006
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