Criteo IPO Takes Off
October 30, 2013 by Paul Ausick
Criteo is a web- and mobile-based advertising technology company that provides e-commerce sites with real-time data on display advertising performance. It lists among its 4,000 customers Macy’s Inc. (NYSE: M), Staples Inc. (NASDAQ: SPLS), Lenovo, and Tiger Direct.
The underwriters have a 30-day option to purchase an additional 1.2 million ADSes, and the company said a total of 55.3 million ADSes would be outstanding following today’s IPO.
Net proceeds of approximately $228.8 million will be used for general corporate purposes, including working capital, sales and marketing activities, R&D, product development, general and administrative expenses, and capital spending. The company said it may also use part of the proceeds for acquisition.
Another advertising technology company, Rocket Fuel Inc. (NASDAQ: FUEL) came public in September at $29 a share and nearly doubled on the stock’s first day of trading. Criteo may not reach that level, but the IPO has been a huge hit with investors so far today.
Shares are trading up about 33% in the early afternoon on Wednesday at $41.31 after reaching an early peak of $45.00.
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