IronPlanet Files for IPO
March 19, 2010 -IronPlanet on Thursday filed to raise $92 million in a proposed initial public offering, a move that could bulldoze the way to an exit for marquee venture firms.
Pleasanton, California, IronPlanet operates an online marketplace for such used industrial equipment as Caterpillar tractors.
"Our exclusively online model allows us to match supply and demand globally for used heavy equipment, while achieving greater reach, price performance and efficiency relative to the fragmented network of brokers, dealers and physical auction houses that have traditionally served this market," IronPlanet said in the U.S. Securities and Exchange Commission filing.
The market for used industrial equipment was $10 billion a year between 2006 and 2008, according to research commissioned by IronPlanet.
IronPlanet is slowing edging into that market, according to its earnings statement. The startup logged net income of $10 million on revenue of $15 million for the quarter ended December 31, 2009, according to its SEC filing.
IronPlanet has attracted $47 million in venture funding from the likes of Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar Venture Capital, Dyncorp, Marubeni, Ignite Group, and Windspeed Ventures.
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