Aug 16 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. ()
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
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
The company said it intends to list its stock under the
symbol "FUEL," but did not reveal the exchange it plans to list
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.