MobiAD Archives

Velti Raises $150 Million In IPO

money_pile150.jpgMobile ad network Velti, has raised over $150 million during their Initial Public Offering in the US. becoming the first big mobile advertising company to go public.

This is another important milestone in the development of the mobile ecosystem as it shows that the market is now maturing with companies that our large and stable enough to go public.

It has said that it will use the proceeds from this week’s IPO in order to pay back $39 million of debt as well as for “general corporate purposes”.

The Irish based company, started trading on the Nasdaq last Friday where shares rose by 25% from an initial $12 to $15.

Velti reported total revenues of $38 million for the first 6 months of 2010, representing a 170% year on year increase.

09.02.2011    Tags: ,
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