DoubleVerify targets IPO valuation of up to $4.2 billion

DoubleVerify, the software platform for digital media measurement, data, and analytics, set the terms of its IPO a month after it filed an S-1 with the U.S. Securities and Exchange Commission. 

The initial public offering price is expected to be between $24 and $27 per share. The company is offering 8.63 million shares in order to raise up to $232.9 million, while existing shareholders are offering 4.7 million shares of common stock. The company expects to have 155.39 million shares outstanding upon the completion of its offering. 

DoubleVerify will list its common stock on the New York Stock Exchange under the ticker symbol “DV”. 

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead bookrunning managers for the offering.  Barclays, RBC Capital Markets and Truist Securities are acting as joint bookrunning managers for the offering. William Blair, KeyBanc Capital Markets, Canaccord Genuity, JMP Securities, Needham & Company, Loop Capital Markets and Capital One Securities are acting as co-managers for the offering.

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Back in October, DoubleVerify announced that it had closed a funding round of $350 million, led by Tiger Global Management. The company said in a statement that “ In addition to the shares being sold in the offering, an affiliate of Tiger Global Management, LLC, one of DoubleVerify’s existing stockholders, has entered into agreements to purchase $30 million of common stock from DoubleVerify in a private placement and $30 million of common stock from Providence in a secondary transaction, each concurrent with the completion of the offering at a price per share equal to the initial public offering price. The concurrent private placement and secondary transaction are contingent upon, and are expected to close immediately following, the completion of the offering.”

The company generated net income of $20.5 million in 2020, $23.3 million in 2019. It reported a revenue of $243.9 million 2020 and $182.7 million in 2019, representing an increase of 34%.