Teads, a spin-off of Altice's programmatic ad platform for advertisers and publishers, withdrew its plans for an initial public offering on Thursday. It originally filed to raise $751 million by offering 38.5 million shares (100% insider) at a price range of $18 to $21, before postponing the offering at the end of July.
Teads operates a cloud-based, end-to-end platform that enables programmatic digital advertising for a global ecosystem of advertisers, their agencies, and publishers. The company operates in the internet ecosystem, outside of advertising platforms like Facebook and Google, and publisher customers include The BBC, ESPN, Bloomberg, The Washington Post, Der Spiegel, and SCMP. As of April 2021, Teads enabled customers to reach 1.9 billion unique monthly users.
The Amsterdam, Netherlands-based company was founded in 2006 and booked $571 million in sales for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol TEAD. Goldman Sachs, Morgan Stanley, J.P. Morgan, BNP Paribas, and Citi were set to be the joint bookrunners on the deal.
