Shares of ad technology company Mediaplex Inc. (MPLX) more than doubled after its $12 a share initial public offering Friday.
Six million shares were initially priced at $12, at the top of its revised price range.
The deal represented about a 20 percent stake in the company. The stock closed at $29 on the Nasdaq exchange after the company raised $72 million through its IPO.
For the nine months ended Sept. 30, the company posted revenues of $13.9 million and a net loss of $12.6 million.
“Valuations in this sector have been very favorable,” Irv DeGraw, research director at WorldFinanceNet.com, told Reuters.
“This is a very fast start for a young firm and, combined with its client list, suggests a good deal of creative talent. However, talent-based firms typically carry considerable risk since people have a tendency to be mobile.”
Mediaplex markets its MOJO Works product, a suite online media services and technologies that includes media planning and buying, ad serving, campaign tracking, reporting, and real-time optimization.
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