Thursday, March 20, 2014
Rubicon Project Sets IPO Range
Los Angeles-based online advertising technology developer Rubicon Project set the pricing range for its initial public offering Thursday, saying that it hopes to offer 6,770,995 shares of its common stock at between $15.00 and $17.00 per share. The company said it has been approved to list on the New York Stock Exchange as RUBI. Rubicon Project is venture backed by Clearstone Ventures, News Corp., Mayfield, as well as others. The IPO is being underwritten by Morgan Stanley, Goldman, Sachs, & Co., RBC Capital Markets, Needham & Company, Oppenheimer & Co, and Luma Securities. Rubicon's IPO is the first in Southern California from a technology company since June of 2012, when San Diego's ServiceNow had its IPO. If successful, Rubicon will be the first, Los Angeles, technology company to have an IPO since Boingo Wireless in 2011 -- although a number of biotech companies in the area have successfully hit the market since then.