Video demand-side platform TubeMogul priced the shares for its public offering Thursday, and the target price is significantly lower than the $11 to $13 per share the company previously specified. The company now expects to debut shares at a rock-bottom $7.00 to $8.00, according to an updated S-1.

The company had previously hoped to raise $93 million, but at the lower share price, it will more likely find itself raising around $47 million.

"TubeMogul will raise 38% less in proceeds than previously anticipated and will command a market cap of $244 million, down 38% from $394 million," said an item on Nasdaq.com. "The amended filing also includes $5 million of insider buying from Trinity Ventures, adding to the $20 million indicated by Foundation Capital. Insiders now have plans to purchase 53% of the offering."

The change comes amid significant investor pessimism around technology stocks and ad tech companies in particular.

"I don't think TubeMogul is big enough to go public. I think they should wait a year or so," one investor told AdExchanger on background. He speculated that TubeMogul's management and investors are impatient, and concerned the markets might not hold up for later IPOs. "Also, you want to be first in your vertical. God forbid Turn or MediaMath goes first."

TubeMogul's revenues were $22 million in Q1 2014 versus $9.6 million during the same period last year. Total spend through the platform was $48 million in Q1 2014, versus $16.3 million in Q1 2013. Also, the company said gross margins had expanded to 72% for Q1 2014 versus 65% in Q1 2013. Finally, net loss was $800,000 in Q1 2014 versus $1.9 million in Q1 2013.