Classmates.com on Friday set the terms of its initial public offering at 12 million shares, with an estimated price range of $10 to $12 per share in a bid to raise as much as $144 million, according to a U.S. Securities and Exchange Commission filing.

The Woodland Hills, California-based company’s offering will be underwritten by JP Morgan, Deutche Bank Securities, and Goldman Sachs.

Founded in 1996, Classmates.com helps members locate and interact with acquaintances from high school, college, and work. The company has more than 50 million registered users, but only 6 percent of them are paying members.

“There probably will be an appetite for it,” said Greg Sterling, principal for Sterling Market Intelligence. “There are no Facebook IPOs to go after, and advertisers are exploring ways to get into social media.”

Classmates.com cited increased competition, limited user-generated content, and dependence on mass emails to attract traffic as risks to its business. The company has reported a loss of $1.9 million and $8.2 million for the full years ended Dec. 31, 2006 and 2005, respectively.

United Online acquired Classmates.com in November 2004 as a wholly-owned subsidiary. The social-networking site filed to trade on the Nasdaq under the ticker symbol “CLAS.”