US-based digital advertising platform TubeMogul cut the projected range of its initial public offering yesterday and will now seek to raise up to $50m.
TubeMogul initially filed for the IPO in March, targeting $75m. It later set the range at which it would sell 6.25 million shares at $11-$13, which would have generated proceeds of $68.8m to $81.3m, but has reduced this to $7-$8, which will give it proceeds of between $43.7m and $50m.
Investors in TubeMogul include SingTel Innov8, the corporate venturing unit of telecommunications company Singapore Telecom, though it is not a notable shareholder.
The three largest shareholders in the company are Trinity Ventures, which holds a 26.2% share, Foundation Capital (22.4%) and Northgate Capital (7.9%).
None of the three plan to sell shares in the offering but affiliates of Foundation have expressed interest in purchasing $20m of shares and affiliates of Trinity $5m.