ReachLocal Moving Forward with IPO

Online marketing company ReachLocal, Inc. will sell more than 4.1 million shares of its stock at $13 per share in its initial public offering. Shares began trading on the NASDAQ Global Select Market on May 20 under the ticker symbol “RLOC.” ReachLocal is offering 3,316,103 shares and selling stockholders are offering 850,564 shares. The company has granted underwriters a 30-day option to purchase up to an additional 625,000 shares of common stock, solely to cover over-allotments, if any. J.P. Morgan Securities Inc. and BofA Merrill Lynch are acting as joint book-running managers for the offering. Citi is acting as lead manager, and Piper Jaffray & Co., Needham & Company, LLC and Gleacher & Company are acting as co-managers. A registration statement relating to this offering was declared effective by the U.S. Securities and Exchange Commission on May 19.