In an update to its January S-1 filing with the US Securities And Exchange Commission, the company said shareholders will offer 6.8 million shares of stock at a target price of $15-$17 per share.
The sell-side platform filed its long-anticipated IPO in January, signaling plans to raise about $100 million. But it didn't name a strike price, so no valuation was available.
While its target price suggests a valuation of $671 million, that number could certainly go higher in the first day of trading – that is if the industry's two other "programmatic IPOs" are any guidepost. Criteo, which began trading on Oct. 30 at $31 per share, jumped 33% in its first hours as a public company. Rocket Fuel meanwhile debuted at $29 on Sept. 20 and popped to more than double that by late morning on that day. As of Thursday afternoon Criteo was trading at about $44 per share and Rocket Fuel at about $47.
Rubicon, which will be traded under the ticker symbol "RUBI," previously disclosed 2013 net revenue of $83.8 million, a 47% growth rate. Total revenue managed on the Rubicon platform in 2013 was $485.1 million, a 43% increase over 2012 ($338.9 million).
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