SAN DIEGO-Handset distribution company InfoSonics Corp. said it plans to sell 2 million shares for between $5.50 and $6.50 per share in its upcoming initial public offering. The company plans to list its common stock on the American Stock Exchange under the symbol IFO.
Founded in 1994, InfoSonics and its wholly owned subsidiary Axcess Mobile, sell handsets and accessories from LG Electronics Co. Ltd., Samsung Electronics Co. Ltd., Audiovox Communications Corp. and others. The company also resells service from AT&T Wireless Services Inc., although it said the carrier’s sale to Cingular Wireless may affect that deal.
InfoSonics said that from 1999 through 2003 it increased revenues from $24.2 million to $65.1 million. The company said its operating income increased from $313,000 to $1.9 million, and its net income increased from $152,000 to $1.1 million. InfoSonics said it expects to score net proceeds of $10 million from the IPO.
Interestingly, rival handset distribution company CellStar Corp. recently delayed its Chinese IPO due to adverse market conditions.
