Shares of online ad provider Rubicon Project rise in market debut

April 2 Wed Apr 2, 2014 10:05am EDT

April 2 (Reuters) - Shares of Rubicon Project Inc, a provider of online advertising services, rose as much as 18 percent in their market debut, valuing the company at about $616 million.

The IPO raised about $102 million after its offering was priced at $15 per share, the lower end of the expected range.

Of the 6.8 million shares offered, the Los Angeles-based company sold 5.4 million, while the rest were sold by selling stockholders.

Rubicon Project's shares opened at $17.50 and touched a high of $17.75 on the New York Stock Exchange on Wednesday.

Morgan Stanley, Goldman Sachs and RBC Capital Markets were lead underwriters to the offering. (Reporting By Neha Dimri in Bangalore; Editing by Savio D'Souza)