Integral Ad Science sets terms for its $240 million IPO

UPDATE (June 1st, 2021): Integral Ad Science raises $270 million in IPO

NY-based digital ad tech and verification company Integral Ad Science announced the terms of its IPO on Monday, saying that it looks to raise up to $240 million by offering 15 million shares at an expected price range of $15 to $17. 

That price would put the company’s market value at up to $2.53 billion. The company expects to have 148.96 million shares outstanding after the IPO. 

Founded in 2009, Integral Ad Science generated $254 million in sales for the twelve months ended March 31, 2021.

The stock is expected to list on the Nasdaq under the ticker symbol “IAS.” 

Morgan Stanley, Jefferies LLC, Barclays Capital Inc., and Evercore Group L.L.C., are acting as lead book-running managers for the offering. Wells Fargo Securities, LLC, BMO Capital Markets Corp., Oppenheimer & Co. Inc., Raymond James & Associates, Inc., and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering. Academy Securities, Inc., Blaylock Van, LLC, Penserra Securities LLC, R. Seelaus & Co., LLC, and Siebert Williams Shank & Co., LLC are acting as co-managers for the offering.

It is expected to price during the week of June 28, 2021.

IAS’s close competitor DoubleVerify IPO’d back in April and it rose 33% on its first day last closed 43% above issue.