TubeMogul, which provides a programmatic digital video ad buying platform for brand advertisers, lowered the proposed range for its upcoming IPO on Thursday and included additional insider buying. The Emeryville, CA-based company now plans to raise $47 million by offering 6.3 million shares at a price range of $7 to $8. The company had previously filed to offer 6.3 million shares at a range of $11 to $13.
At the midpoint of the revised range, TubeMogul will raise 38% less in proceeds than previously anticipated and will command a market cap of $244 million, down 38% from $394 million. The amended filing also includes $5 million of insider buying from Trinity Ventures, adding to the $20 million indicated by Foundation Capital. Insiders now have plans to purchase 53% of the offering.
TubeMogul, which was founded in 2007 and booked $70 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol TUBE. BofA Merrill Lynch, Citi and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price tonight.
