Digital ad platform Outbrain valued at more than $1 bln in Nasdaq debut

Teads Holding

23/07/2021 16:22

July 23 (Reuters) - Shares of Outbrain Inc  OB.O  opened
flat in their Nasdaq debut on Friday, giving the web
recommendation platform a market capitalization of nearly $1.1
billion. 
    The company's shares opened at their initial public offering
price of $20 per share. It sold 8 million shares in the IPO on
Thursday to raise about $160 million.
    Earlier this month, the company raised $200 million from
Boston-based investment manager Baupost Group without disclosing
the valuation at which the capital was raised.
    New York-based Outbrain's technology connects advertisers to
audiences to grow their business through recommendation feeds on
websites. It partners with publishers and marketers in more than
55 countries. 
    Founded in 2006, Outbrain calls itself a "mobile first"
company and got more than 66% of its revenue last year from
mobile platforms, a regulatory filing showed. 
    Citigroup, Jefferies, Barclays and Evercore ISI were the
lead underwriters for the offering.

 (Reporting by Sohini Podder in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Sohini.Podder@thomsonreuters.com;))