Digital advertising company Aleph Group Inc reported a more than 85% jump in revenue for 2021, according to a filing https://www.sec.gov/Archives/edgar/data/1887389/000110465922012392/tm2128749-6_f1.htm#tTHOF 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.
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)