Viant Technology, which provides programmatic advertising software, raised the proposed deal size for its upcoming IPO on Monday.
The Irvine, CA-based company now plans to raise $196 million by offering 8.5 million shares at a price range of $22 to $24. The company had previously filed to offer 7.5 million shares at a range of $19 to $21. At the midpoint of the revised range, Viant Technology will raise 30% more in proceeds than previously anticipated, commanding a market value of $1.5 billion.
Viant Technology provides software that enables the programmatic purchase of advertising, which is the electronification of the advertising buying process. Its demand side platform (DSP), Adelphic, is an enterprise software platform used by marketers and their agencies to centralize the planning, buying, and measurement of their advertising across most channels.
Viant Technology was founded in 1999 and booked $161 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol DSP. BofA Securities and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2021.
