It was kind of interesting and intriguing when PRN was putting together an IPO based principally — or you could argue darn near totally — on its Wal-Mart TV footprint.
That didn’t happen, but now a cmpany a fraction the size of PRN, Twin Cities-based Wireless Ronin, is planning to float an IPO this summer. The Minneapolis/St. Paul Business Journal says the company plans to raise $16.5 million. It hasn’t yet filed with the Securities and Exchange Commission, or talked about what share price it is seeking.
The company is quite young and lists a series of clients, alot of them in the gaming resort business. How wild and tingly an investor is going to get about buying into a company that’s got a foothold in places like the Grand Casino and Hotel in Hinckley, Minn., I don’t know.
But if they can get the money based on a pretty limited history and a schtick about how they use can wireless (big freakin’ whoop!), it should certainly make it easier for other companies trying to raise cash, particularly if they’ve got the products, clients and experience to really make things happen.
All I know about financing in this space is that until now, there’s not been a bunch of people ready to write cheques, no matter how good the business plan or signed contracts may be.
Makes you wonder if this is really about raising capital, or getting some attention.