Today’s a big day for investors in DoubleVerify (NYSE:DV), as the stock has surged 35% on its impressive debut. The DV stock IPO has been met with a lot of optimism, as investors look to invest in growth sectors such as digital media analytics and engagement.
Private equity firm Providence Equity Partners is a big believer in DoubleVerify’s platform. Indeed, the company has some strong backers, and today’s interest from investors paints a pretty bullish picture for this company.
DoubleVerify provides software solutions to help its customers optimize their digital advertising. Reportedly, hundreds of Fortune 500 firms are DoubleVerify clients. This is a company that is increasingly viewed by analysts as a top-tier software company, with relatively stable cash flows. Today’s price action suggests the market agrees.
Here are a few things investors might want to know about this IPO.
A Surge in Investor Interest Drives Positive Start for DV Stock IPO
- DoubleVerify offered 8.6 million shares at $27 per share today.
- This offering was at the top end of the $24-$27 range previously set.
- That said, investor demand appears to be higher than the company calculated for this IPO. Shares are currently trading at the $36.50 level at the time of writing.
- Additionally, underwriters have the option to purchase up to an additional 1.4 million shares from DoubleVerify and an additional 650,000 shares from Providence. Such a purchase would bring the total shares issued to more than 10 million, if the over-allotment option is exercised.
- Accordingly, DoubleVerify expects to raise approximately $340 million from the deal.
- Investment banks Goldman Sachs, JPMorgan Chase, Barclays and RBC Capital Markets led the deal.
- DoubleVerify’s market capitalization of more than $5 billion at the time of writing positions this company as a key player in the AdTech space.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.