Rubicon Project Gains on First Day of NYSE Trading

Written on
Apr 2, 2014 
Mike Daly  |

Above: Rubicon Project COO/CFO Todd Tappin rigs the opening bell this morning at the New York Stock Exchange to the applause of the Rubicon team as the company begins trading today.

ADOTAS – Digital ad exchange The Rubicon Project began trading this morning on the New York Stock Exchange, having raised around $90 million dollars through its IPO. To mark the occasion, CEO/Founder/Chief Product Architect Frank Addante, President Greg Raifman, and COO/CFO Todd Tappin, rang the NYSE Opening Bell.

Shares of the company, trading under the ticker symbol RUBI, started the day at $17.12 and went as high as $21.20 before settling at around $20 by mid-afternoon.

Tappin said the roughly $90 million in funds that the company expects to raise through the IPO would enable it to make investments into new channels, including mobile and video.

“We had only raised $52 million since our inception, and our last raise was in 2010,” said Tappin. “So we’ve been a self-funding organization for the last couple of years, with a positive EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortization].”

Tappin said the second key benefit of going public is the increased credibility it gives the Rubicon Project with its client roster of major publishers and advertisers, which include eBay, TIME, ABC News, the Wall Street Journal, Tribune Company, Virgin Media, People, Universal and many other Fortune 500 companies.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. Needham & Company, LLC, Oppenheimer & Co. Inc., and LUMA Securities LLC are acting as co-managers for the offering, according to a press release.

Founded in 2007, Rubicon Project is a technology company automating the buying and selling of advertising with ten offices including Los Angeles, New York, San Francisco, Paris, Hamburg, Sydney, London and Tokyo. Rubicon Project’s automated advertising platform is used by sellers of digital advertising to maximize revenue from advertising, decrease cost and protect their brands, while accessing a global market of buyers representing over 100,000 brands since its inception.

Mike Daly is an award-winning writer and editor with 30 years of experience in publishing. He began his career in 1983 at The News of Paterson, N.J., a long-since defunct daily paper, where at age 22 he was promoted to the position of Editorial Page Editor. Since then he has served in managerial capacities with several news organizations, including Arts Weekly Inc. and North Jersey Media Group in New Jersey and Examiner Media in New York. His work has been honored on numerous occasions by the New Jersey Press Association and the Society for Professional Journalists.

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