Monday, March 27

Digital advertising company Aleph’s revenue jumps 85% ahead of US IPO

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Digital advertising company Aleph Group Inc reported a more than 85% jump in revenue for 2021, according to a filing for an initial public offering (IPO) that was made public on Monday.

Emerging markets-focused Aleph helps large digital platforms connect with advertisers and customers. It counts Meta Platforms Inc, Spotify Technology and Microsoft Corp-owned LinkedIn among its customers.

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The company, which confidentially filed to go public in October last year, reported a revenue of $131 million in the year ended Dec. 31, up from $70 million in 2020.

Founded in 2005 as IMS Internet Media Services, Aleph was valued at $2 billion last year after private equity firm CVC Capital Partners bought a stake worth $470 million.

Last month, Twitter Inc picked up a minority stake in Aleph, underscoring demand for brands that help companies advertise online.

The company’s move to float its shares comes amid a rocky time for equity capital markets, with looming interest rate hikes, a selloff in technology stocks and uneven corporate earnings leading to volatility.

Aleph expects to list on the New York Stock Exchange under the ticker symbol “ALEF.”

JPMorgan Chase & Co, Citigroup and Goldman Sachs were among the underwriters for the offering.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Amy Caren Daniel)