New York-based digital ad tech and verification company Integral Ad Science went public yesterday after filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) in early June.
The company announced the terms of its initial public offering last week and revealed plans to raise up to $240 million by selling 15 million shares at a price range of $15 to $17.
Yesterday, IAS began trading on the Nasdaq at $18 per share and raised $270 million selling 15 million shares. During the day, it’s stock price rose as much as 19% and reached $21.37.
After the IPO, the ad tech company’s value reached $2.5 billion and its enterprise value climbed to $2.6 billion.
Founded in 2009 by Will Luttrell, Helene Monat, Foster Provost, Bryan St. John, Josh Attenberg and Kent Wakeford, Integral Ad Science’s works with many global tech titans including Coca Cola, Disney and Verizon. It is also integrated with many ad platforms such as Amazon, Facebook, Google, Twitter, The Trade Desk and Xandr.
‘’We’ve reached a scale and leadership position that’s resonating with public market investors. Given the high demand for global verification solutions, both for marketers and publishers, the timing felt right to take the company public.’’ CEO Lisa Utzschneider told AdExchanger when asked about why IAS decided to go public now.
She added that the IAS will use the funding money to invest in programmatic, connected TV technology and developing verification solutions for social media platforms’ live feeds.
IAS rival DoubleVerify also went public in April this year and the company’s shares rose 33% on its first day of trading.