The company’s system enables its 10 million business and consumer customers with e-mail to send and receive on-line payments securely. However, earlier this month, its system became the target of a patent infringement lawsuit which delayed the IPO.
PayPal’s quarterly revenues exceed $30 million. However, since launch in March 1999, the company has accumulated losses of more than $264 million. The company expects to become profitable later this year.
The last internet company to float in the US was Loudcloud, in March last year.