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Secondary offering for Trade Desk
Posted on Friday, 17 February 2017 13:14
Shareholders of Trade Desk are cashing in on some of their investment at a time when the US provider of tools for digital media buyers announced gross spend on its online demand-side platform surpassed USD 1.00 billion.
All the advisors which helped the Californian self-serve technology developer go public in September have returned as underwriters for the secondary offering estimated at USD 125.00 million.
Citigroup, Jefferies and RBC are joint bookrunning managers while Needham & Company and Raymond James are picking up the mantles of co-managers.
Existing shareholders include IA Capital Partners, Founder Collective, Wellington Management, Highwind and JPMorgan, as well as chief executive and founder Jeff Green.
Shares in Trade Desk have soared 85.3 per cent over the last five months from the IPO price of USD 18.00 apiece to USD 33.36 yesterday when it closed up 5.3 per cent with a market capitalisation of USD 1.29 billion.
News of the offering, the size and price of which are not yet known as it is still in the early stages, came as the company announced improved results for the fiscal ended 31st December 2016.
Its top line increased 78.3 per cent year-on-year as revenue rose to USD 202.90 million from USD 113.80 million in FY 2015 while net profit advanced 28.9 per cent to USD 20.50 million from USD 15.90 million.
Trade Desk will continue to expand geographically and this, coupled with aggressive investments in areas such as mobile and video, is expected to cause expenses to grow at a faster rate in 2017.
As such the company has set adjusted earnings before interest, tax, depreciation and amortisation in FY 2017 at USD 72.00 million (FY 2016: USD 65.22 million; FY 2015: USD 39.16 million).
Other financial targets include total gross spend for this fiscal of USD 1.45 billion and revenue of USD 270.00 million.
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