Rocket Fuel, a US-based technology company which provides an automated media-buying platform for digital advertisers, and which has been backed by investors including Nokia, rung the Nasdaq bell on 23 September in celebration of its successful initial public offering (IPO) on 20 September.
Rocket Fuel priced its IPO at $29 per share, the top end of its proposed price range, raising a total of $116m, or $107.9m after $8.1m underwriting discounts and commissions.
Rocket Fuel’s shares opened at $59.95 per share on the first day of trading, 20 September, reaching a high of $62.50 and closing at $56.1.
Credit Suisse and Citigroup acted as joint bookrunners for the offering. Needham & Company, Oppenheimer & Co., Piper Jaffray, BMO Capital Markets, and LUMA Securities acted as co-managers.
Since its launch in 2008, and leading up to its IPO, Rocket Fuel had five funding rounds raising $76.6m in aggregate. Its latest round in June 2012 included Nokia Growth Partners alongside venture capital firms Northgate Capital, Summit Partners, Cross Creek Capital and Mohr Davidow Ventures and financial services company Comercia Bank.