UPDATE 1-Motricity prices IPO to raise about $101.3 mln

* Says to offer 6.8 mln shares

* Offering priced at $14 to $16 apiece

* To use proceeds to fund investments and acquisitions

June 2 (BestGrowthStock) – U.S. technology company Motricity Inc
(MOTR.O: ) expects to raise about $101.3 million from an initial
public offering of 6.8 million shares.

The Bellevue, Washington-based company, which provides
services to wireless carriers, said its IPO will be priced at
$14 to $16 apiece.

Motricity, which counts billionaire Carl Icahn among its
investors, said it plans to use the proceeds of the offering to
fund investments and acquisitions of products or technologies.

The company intends to invest the remaining net proceeds in
short-term, interest-bearing investment grade securities, it
said in a filing.

The company reported a net loss attributable to common
stockholders of $7.9 million, or $1.38 a share, in the quarter
ended March 31, compared with $13 million, or $2.20 a share, in
the same period a year ago.

Motricity said it will apply for a listing on NASDAQ under
the symbol MOTR.

Underwriters of the offering are represented by Goldman
Sachs & Co, and JPMorgan Securities Inc.

Money

(Reporting by Archana Shankar in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Motricity prices IPO to raise about $101.3 mln