Outbrain, which provides an online content marketing platform, announced terms for its IPO on Wednesday.
The New York, NY-based company plans to raise $200 million by offering 8 million shares at a price range of $24 to $26. The Baupost Group intends to purchase 9.9% of shares in the offering. At the midpoint of the proposed range, Outbrain would command a fully diluted market value of $1.5 billion.
Outbrain states that it pioneered the online content recommendation category. Today, its platform enables over 7,000 online properties, helping them engage their users and monetize their visits by gathering over 1 billion data events each minute. Its key media partners include Asahi Shimbun, CNN, Der Spiegel, Le Monde, MSN, and Sky News and Sky Sports. In 2020, Outbrain provided personalized content feeds and ads to approximately 1 billion monthly unique users, delivering on average over 10 billion recommendations per day, with over 20,000 advertisers using its platform.
Outbrain was founded in 2006 and booked $818 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol OB. Citi, Jefferies, Barclays, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of July 19, 2021.
