Ad technology company Rocket Fuel files for IPO
(Reuters) - Advertising technology company Rocket Fuel Inc filed with U.S. regulators to raise up to $100 million in an initial public offering of its common stock.
Credit Suisse and Citigroup are acting as lead underwriters for the offering, Rocket Fuel said in a regulatory filing with the U.S. Securities and Exchange Commission on Friday. (r.reuters.com/hez42v)
The Redwood City, California-based company uses artificial intelligence and big data to help customers place their ads on websites and mobile networks. It had 784 active customers, as of June 30.
Reuters had reported in February that Rocket Fuel had hired Credit Suisse and Citigroup to lead its IPO later in the year.
Display, mobile, social and video channels for digital advertising are expected to grow to $73 billion in 2016 from $42 billion in 2012, globally, according a Magna Global report cited in the filing.
The company reported a loss of $11.9 million on revenue of $92.6 million for the half year ended June, 2013.
Rocket Fuel has raised over $76 million in funding from investors including Mohr Davidow Ventures, Northgate Capital and Summit Partners.
The company said it intends to list its stock under the symbol "FUEL," but did not reveal the exchange it plans to list on.
The filing did not reveal how many shares the company planned to sell or their expected price.
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.
(Reporting by Aman Shah in Bangalore; Editing by Joyjeet Das)