(Reuters) – Shares of Viant Technologies Inc jumped 76% in their market debut on Wednesday, offering the promotion software program corporation a current market capitalization of $2.53 billion.
Viant’s shares opened at $44, perfectly earlier mentioned their preliminary general public providing cost of $25 for every share. The company supplied 10 million shares in the IPO, boosting about $250 million.
Established in 1998 by brothers Tim, Chris and Russ Vanderhook, Viant features a cloud-based mostly system that makes it possible for ad customers to strategy, produce, execute and evaluate their electronic marketing investments.
“For us, it was seriously seizing on this transition that’s taking place inside of electronic marketing, a go away from cookies or machine monitoring, much more towards men and women-dependent,” Main Operating Officer Chris Vanderhook advised Reuters.
Individuals-centered advertising works by using an individual’s identifiable data, this kind of as an e-mail handle, to track their activity throughout units and browsers and it has proved to be much more effective than cookie-based mostly promoting.
Chief Executive Officer Tim Vanderhook explained entrepreneurs are choosing folks-centered platforms for their promotion requirements.
For the yr finished Dec. 31, 2019, Viant reported a profit of $9.9 million on profits of $164.9 million.
BofA Securities and UBS Investment Bank have been the lead underwriters for Viant’s giving.
(Corrects CEO’s to start with title to Tim from Chris in paragraph 6 and COO’s very first name to Chris from Tim in paragraph 4 Also corrects date to Dec. 31 from Dec. 21 in paragraph 7)
Editing by Ramakrishnan M.