Tremor Video files for IPO of up to $86.3 mln
May 23 (Reuters) - Online video advertising provider Tremor Video Inc filed with U.S. regulators on Thursday to raise up to $86.3 million in an initial public offering of common stock.
New York-based Tremor, which counts Facebook Inc, Hulu LLC and Google Inc's YouTube LLC among its competitors, expects to tap into the growing demand for placing ads in video clips, it said in a filing with the U.S Securities and Exchange Commission.
Market research company eMarketer expects online video advertising to grow by 28.9 percent on a compounded annual basis between 2012 and 2016, far outpacing the 3.5 percent growth in overall advertising spending, according to the filing.
The filing did not reveal how many shares the company planned to sell or their expected price.
Tremor intends to list its common stock on the New York Stock Exchange under the symbol "TRMR". ()
The company listed Credit Suisse, Jefferies, Canaccord Genuity and Oppenheimer as underwriters to its offering.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.