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Online automobiles marketplace operator AutoTrader Group Inc filed with the US securities regulator to raise up to $300 million in an initial public offering of its Class A common stock.
AutoTrader Group, which owns the AutoTrader.com and Kelley Blue Book brands, plans to use the proceeds from the IPO to repay debts, it said in a filing with the US Securities and Exchange Commission.
The Atlanta, Georgia-based company, which generates revenue mainly through subscriptions for new and used car listings and advertising, said Goldman, Sachs & Co, Morgan Stanley and Citigroup are among the underwriters to the IPO.
Some affiliates of the underwriters are lenders to the company and are expected to receive a portion of the net proceeds, AutoTrader Group said in the filing. It intends to list its Class A common stock on the New York Stock Exchange or the Nasdaq under the symbol "ATG." The filing did not reveal how many shares the company intends to sell or their expected price. The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO can be different.

Copyright Reuters, 2012

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