Home TECH Providence-backed DoubleVerify’s shares jumps 30% in NYSE debut

Providence-backed DoubleVerify’s shares jumps 30% in NYSE debut

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April 22, 2021

(Reuters) – Shares of DoubleVerify Holdings Inc jumped nearly 30% in their U.S. market debut on Wednesday, giving the digital media engagement tracking software maker a market value of about $5.4 billion.

The listing marks another strong debut for a tech company, with robust investor appetite for high-growth stocks also fueling rallies in shares of Coupang Inc and Roblox Corp on their debuts.

DoubleVerify’s shares opened at $35, compared with the initial public offering price of $27 per share.

The company, backed by private equity firm Providence Equity Partners and hedge fund Tiger Global Management, sold more than 13 million shares in its offering to raise about $360 million.

Of the shares sold, around 8.6 million were offered by DoubleVerify, while Providence and other existing investors sold about 4.7 million shares.

Led by Mark Zagorski, former chief executive of advertising technology firm Telaria Inc, DoubleVerify operates a platform that provides digital media measurement and analytics services.

Goldman Sachs and J.P. Morgan were the joint lead book-running managers for the offering.

(Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)