Investing.com - Financial Markets Worldwide
⚠ Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Providence-backed DoubleVerify's shares jumps 30% in NYSE debut

Published 04/21/2021, 04:05 PM
Updated 04/21/2021, 04:10 PM
© Reuters. A DoubleVerify Inc. banner is displayed, to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York
GS
-

(Reuters) - Shares of DoubleVerify Holdings Inc jumped nearly 30% in their U.S. market debut on Wednesday, giving the digital media engagement tracking software maker a market value of about $5.4 billion.

The listing marks another strong debut for a tech company, with robust investor appetite for high-growth stocks also fueling rallies in shares of Coupang Inc and Roblox Corp on their debuts.

DoubleVerify's shares opened at $35, compared with the initial public offering price of $27 per share.

The company, backed by private equity firm Providence Equity Partners and hedge fund Tiger Global Management, sold more than 13 million shares in its offering to raise about $360 million.

Of the shares sold, around 8.6 million were offered by DoubleVerify, while Providence and other existing investors sold about 4.7 million shares.

Led by Mark Zagorski, former chief executive of advertising technology firm Telaria Inc, DoubleVerify operates a platform that provides digital media measurement and analytics services.

© Reuters. A DoubleVerify Inc. banner is displayed, to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York

Goldman Sachs (NYSE:GS) and J.P. Morgan were the joint lead book-running managers for the offering.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.