Altice's adtech firm Teads targets $5 billion valuation in U.S. IPO
Reuters
Published Jul 21, 2021 12:16
Updated Jul 21, 2021 12:30
(Reuters) - Advertising technology company Teads BV, owned by French telecom company Altice, said on Wednesday it aims to raise up to $808.5 million through an initial public offering on the Nasdaq at a valuation of about $5 billion.
The company's existing shareholders plan to sell 38.5 million shares in the IPO, at a price range of $18 to $21 each, after which Altice would hold majority voting rights.
Founded in 2011, Teads provides automated buying and selling of online advertising space, a technology that is fast gaining popularity, to clients including Adidas (DE:ADSGN), Danone SA (PA:DANO), Vice Media and BBC Global News.
The company, whose platform reaches 1.9 billion users globally, was acquired by Altice in 2017 in an all-cash deal that valued Teads at around 285 million euros ($337.35 million).
Other adtech companies that made their market debuts in recent months include Integral Ad Science Holding Corp and Viant Technology Inc.
Teads earned a profit of $111.5 million on revenue of $540.3 million in the year ended Dec. 31, 2020, its filing showed. The company said its revenue grew 6% annually despite the negative impact of COVID-19 in the first half of last year.
Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and JP Morgan are the lead underwriters for the offering. Teads said it would be listed under the symbol "TEAD".
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Written By: Reuters
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