Funds News

French firm Criteo raises $250 mln from IPO

Oct 29 (Reuters) - French online advertising firm Criteo SA priced its enlarged U.S. initial public offering at $31 per share, above its expected price range, raising about $250 million.

The IPO pricing shows favorable investor appetite for technology start-ups ahead of bigger debuts such as social network Twitter, scheduled to go public next month.

The company, which sold an upsized 8.08 million American Depositary Shares (ADS)in the offering, had on Monday raised its expected price range to between $27 and $29 per share from its previous $23 to $26 per share range. It previously planned to sell 7.2 million shares.

Criteo was founded in 2005 in Paris and counts travel website Expedia, computer maker Lenovo and retailer Macy’s among its customers. It will have a market valuation of $1.69 billion at the IPO price.

The company’s ADS are slated to begin trading on the Nasdaq on Wednesday under the symbol “CRTO.”

Blackstone Group LP’s Brixmor Property Group Inc, which is also scheduled to go public on Wednesday, upsized its initial public offering earlier on Tuesday.

Criteo filed its intention to go public in the United States in September when it filed with the Securities and Exchange Commission to raise up to $190 million.