Classmates Media, the social networking division of United Online, (NSDQ: UNTD) said in an updated S-1 filing that it wants to sell 12 million shares for $10-$12 through its upcoming IPO. At the high end, this would bring the company $144 million pre-expenses, though the company anticipates net receipts of $117.7 million based on an $11 pricing. Underwriters will also have the option of purchasing 1.8 million addition shares to meet demand. Most of the funds will go towards general operations, although $50 million will be used to pay off a note to United Online. Following the IPO, United Online will own 100 percent of the company’s Class B shares, the equivalent of 80 percent of its total common stock. (via Reuters)

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