Feb 4 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. ()
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 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
, reported a 48 percent jump in its revenue to $55.7
million for the nine months ended Sept. 30. The company's net
loss widened to $9.2 million from $4.4 million during the
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.