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DoubleVerify Stock Rises After Initial Public Offering

DoubleVeirfy MRC
(Image credit: DoubleVerify)

Advertising analytics and fraud protection company DoubleVerify started trading Wednesday on the New York Stock exchange Wednesday following its initial public offering.

DoubleVerify shares were trading at $34.24 a share, up front the IPO price of $27.

The ad tech business has been consolidating with many companies deciding to either go public, others raising additional capital or being acquired. 

DoubleVerify sold 8.6 million shares and Providence V!! U.S. Holdings, raising $232 million, and other stockholders offered 4.7 million shares.

According to the prospectus filed with the SEC, DoubeVerify had net earnings of $20.5 million in 2020, compared with $23.3 million in 2019.

Revenue rose to $243.9 million from $182.7 million.

DoubleVerify said it intends to use a portion of the net proceeds of the offering to repay its revolving credit facility and the remainder for general corporate purposes, including working capital, capital expenditures and operating expenses.

The company said it may use a portion of the remaining proceeds to acquire complementary businesses or technology, accelerate our product roadmap, continue to upgrade our technology platform and/or hire additional resources to support our product development and international expansion efforts.