Online ad provider Rubicon Project files for IPO of up to $100 million
(Reuters) - The Rubicon Project Inc, which provides online advertising services, filed with U.S. regulators on Tuesday to raise up to $100 million in an initial public offering of its common stock.
The Los Angeles-based company brings together buyers and sellers of digital advertising through its cloud-based network, Advertising Automation Cloud.
Rubicon Project's services are used by about 96 percent of internet users in the United States and over 550 million users globally, the company said in a filing with the U.S. Securities and Exchange Commission. (r.reuters.com/gyb66v)
Morgan Stanley, Goldman Sachs and RBC Capital Markets are lead underwriters to the offering.
Rubicon Project is headed by 37-year-old engineer-turned-entrepreneur Frank Addante, who also founded email infrastructure provider StrongMail Systems Inc.
The company, which counts Clearstone Venture Partners, News Corp (NWSA.O) as investors, intends to list its common stock on the New York Stock Exchange under the symbol "RUBI".
The Rubicon Project, whose competitors include Google Inc (GOOG.O), reported a 48 percent jump in its revenue to $55.7 million for the nine months ended September 30. The company's net loss widened to $9.2 million from $4.4 million during the period.
The company is betting on the growing demand for digital advertising as more consumers switch to internet, mobile networks and digital television.
Display, mobile and video digital advertising are forecasted to grow about 16 percent to $90 billion between 2012-2017, according to a report by global professional services firm PwC.
Rubicon Project did not reveal how many shares it 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 Neha Dimri in Bangalore; Editing by Sriraj Kalluvila)
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