Rocket Fuel (FUEL) IPO Surges on Open

September 20, 2013 10:50 AM EDT Send to a Friend

Rocket Fuel IPO Opens Up 107%

The IPO for Rocket Fuel Inc. (NASDAQ: FUEL) opened for trading at $59.95 after pricing 4,000,000 shares of common stock at $29.00 per share, the top end of the expected $27-$29 range which was recently raised from $24-$27.

Credit Suisse and Citigroup are acting as joint bookrunners for the offering. Needham & Company, Oppenheimer & Co., Piper Jaffray, BMO Capital Markets, and LUMA Securities are acting as co-managers.

Rocket Fuel is a technology company that has developed an Artificial Intelligence and Big Data-driven predictive modeling and automated decision-making platform.

Financial summary from the company: "As our customers realize the performance of their campaigns on our platform, we often receive feedback that we are a top performer, and consequently, we often receive increased allocations that contribute to our revenue growth. For the years ended December 31, 2010, 2011 and 2012, our revenue was $16.5 million, $44.7 million and $106.6 million, respectively, representing a compound annual growth rate, or CAGR, of 154%. For the six months ended June 30, 2012 and 2013, our revenue was $39.6 million and $92.6 million, respectively, representing period-over-period growth of 134%. For the years ended December 31, 2010, 2011 and 2012 and the six months ended June 30, 2012 and 2013, our net loss was $(3.2) million, $(4.3) million, $(10.3) million, $(2.5) million and $(11.9) million, respectively. For the years ended December 31, 2010, 2011 and 2012 and for the six months ended June 30, 2012 and 2013, our adjusted EBITDA was $(2.9) million, $(3.1) million, $(3.0) million, $(1.2) million and $(4.3) million, respectively."




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