"It’s fair to guess that they must be very happy that competitor The Trade Desk is trading nicely above their IPO price,” said Tolman Geffs, co-president of investment bank JEGI.
And while companies like Rubicon Project and Rocket Fuel have struggled, Adobe just bought TubeMogul for double its public market value.
If AppNexus indeed filed confidentially for its IPO, it wouldn’t have to make its S-1 public until 21 days before its roadshow. That also means it will only have to show two years, not three, of financial statements.
Only companies with revenue of less than $1 billion can file confidentially. Snapchat took advantage of the same provision two weeks ago, seeking a valuation of $25 billion.