Acquity Group, a digital marketing consulting firm, announced terms for its IPO on Wednesday. The company plans to raise $50 million by offering 5.6 ADSs at a price range of $8 to $10. At the midpoint of the proposed range, Acquity Group would command a market value of $212 million. It plans to list on the NYSE under the symbol AQ. Citi and Oppenheimer & Co. are the joint bookrunners on the deal.
Acquity Group provides e-commerce and online marketing solutions to its clients, which include Adobe, Allstate, American Express, General Motors and HTC. In 2011, sales increased 47% to $107 million and operating income grew from $5 million to $16 million. Acquity's primary operations are based in Chicago though its executive offices are located in Hong Kong.
Another e-commerce platform provider, Demandware (DWRE), has performed very well since its IPO in mid-March. It priced above the range, gained 47% in its first day of trading, and is currently trading 68% above its offer price.
