Liftoff Mobile valued at $4.18 billion as shares rise 9% in Nasdaq debut
Liftoff Mobile LFTO | 0.00 |
June 4 (Reuters) - Liftoff Mobile's LFTO.O shares rose about 9% in their Nasdaq debut on Thursday, valuing the company at about $4.18 billion and marking the latest private equity-backed listing to benefit from a rebound in demand for new stocks.
Here are some details of the listing:
The Blackstone-backed tech firm's stock opened for trading at $25.10.
The Redwood City, California-based firm raised $437 million after pricing 19 million shares at $23 each, exceeding its target range of $20 to $22 per share.
The company offers software that helps mobile app developers attract and retain users, while generating revenue through advertising and other monetization tools.
The mobile app advertising industry has benefited from companies spending more to attract and retain users in an increasingly crowded market.
Liftoff's debut adds to signs of a broadening recovery in the U.S. IPO market, with investors showing renewed appetite for growth companies after a volatile start to the year driven by trade tensions and geopolitical uncertainty.
Fears that AI would disrupt established software business models have moderated in recent months, helping improve investor sentiment toward technology companies and supporting a rebound in new listings.
Liftoff was created in 2021 when Blackstone merged its portfolio companies Liftoff and Vungle.
