Aug 7 (Reuters) - Shares of YuMe Inc rose as much as 8 pct in their market debut after the online advertising company’s initial public offering was priced 25 percent below the low end of the expected range.
The company, which delivers Web-based video advertisements, priced its offering of 5.1 million shares at $9 per share and raised $46 million. It had initially set a range of $12-$14 per share.
YuMe shares touched $9.73, valuing the company at $309 million. It has 31.67 million shares outstanding.
YuMe is backed by venture capital firms Khosla Ventures and Accel Partners, which together now own 34 percent of the company.