The Rubicon Project (RUBI) Sets IPO Terms

March 20, 2014 7:57 AM EDT
The Rubicon Project, Inc. (NYSE: RUBI) filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The company disclosed it plans to sell 6,770,995 shares in the upcoming offering and sees an offering price of $15 to $17 per share. The company plans to trade on the New York Stock Exchange (NYSE) under the symbol "RUBI."

The offering is being made via Morgan Stanley, Goldman Sachs, RBC Capital, Needham & Company, Oppenheimer & Co. and LUMA Securities.

The Rubicon Project is a technology company on a mission to automate the buying and selling of advertising. The company's Advertising Automation Cloud is a highly scalable software platform that powers and optimizes a leading marketplace for the real time trading of digital advertising between buyers and sellers. Through the speed and big data analytics of their algorithm-based solution, they have transformed the cumbersome, complex process of buying and selling digital advertising into a seamless automated process that optimizes results for both buyers and sellers. Buyers of digital advertising use their platform to reach 97% of Internet users in the United States and over 600 million Internet users globally on some of the world’s leading websites and applications. Sellers of digital advertising use their platform to maximize revenue from advertising, decrease costs and protect their brands and user experience, while accessing a global market of buyers representing over 100,000 brands since inception. The benefits they provide to both buyers and sellers, and the time and effort spent by both buyers and sellers to integrate with their platform and associated applications, give them a critical position in the digital advertising ecosystem.

In 2013, revenue was $83.8 million, a 47% increase over 2012, and they recorded a net loss of $9.2 million and Adjusted EBITDA of $11.2 million. In 2012, revenue was $57.1 million, a 54% increase over 2011, and they recorded a net loss of $2.4 million and Adjusted EBITDA of $9.2 million. In 2011, revenue was $37.1 million, and they recorded a net loss of $15.4 million and negative Adjusted EBITDA of $6.7 million.

The full filing can be viewed here.

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