Shares of the Rubicon Project (NYSE: RUBI), a Los Angeles-based technology company that automates the buying and selling of advertising, reached $18.30 in morning trading today, 22 percent up from the initial public offering (IPO) price of $15 per share.
Image: The Rubicon Project, Inc.
The company issued 6,770,995 shares of common stock to the public at a price of $15 per share, the low end of the expected $15 to $17 range. The tech company is selling 5.4 million shares, and the rest will be sold by its shareholders.
Rubicon Project provides buyer cloud, seller cloud, and advertising automation cloud. The company says that its analytics and data-driven algorithms enable ad buyers to reach 97 percent of U.S. Internet users, pay a fair price for impressions, and reach out to publishers that match their advertising spend. Meanwhile, the platform powers ad sellers to optimize their revenues of ad impressions, as well as protects them and their consumers from potentially dangerous ads.
Rubicon Project filed its Form S-1 to the Securities and Exchange Commission in February 2014. It reveals that in the first nine months of 2013, the company’s revenue was $55.7 million, 48 percent up from the same period a year prior.