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Altice’s adtech firm Teads targets $ 5 billion valuation when it goes public in the United States


July 21 (Reuters) – Advertising technology company Teads BV, owned by French telecommunications company Altice, on Wednesday announced plans to raise up to $ 808.5 million via an initial public offering on Nasdaq at a valuation of about $ 5 billion.

Existing shareholders of the company plan to sell 38.5 million shares as part of the IPO, with a price range of $ 18 to $ 21 each, after which Altice would hold majority voting rights.

Founded in 2011, Teads offers the automated buying and selling of online advertising space, a technology that is rapidly growing in popularity, to clients such as Adidas, Danone SA, Vice Media and BBC Global News.

The company, whose platform reaches 1.9 billion users worldwide, was acquired by Altice in 2017 in an all-cash deal that valued Teads at around € 285 million (337, $ 35 million).

Other adtech companies that have entered the market in recent months include Integral Ad Science Holding Corp (IAS.O) and Viant Technology Inc (DSP.O).

Teads made $ 111.5 million on revenue of $ 540.3 million in the fiscal year ended Dec.31, 2020, according to its file. The company said its revenue grew 6% per year despite the negative impact of COVID-19 in the first half of last year.

Goldman Sachs, Morgan Stanley and JP Morgan are the main underwriters of the offer. Teads said it would be listed under the symbol “TEAD”.

Report by Sohini Podder in Bengaluru; Edited by Ramakrishnan M.

Our Standards: Thomson Reuters Trust Principles.

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