Ad-tech startup Marin Software made its public debut this morning on the NYSE, netting a higher than expected price in early trading.
The company, which will trade under the symbol MRIN, sold 7.5 million shares at $14. It was initially expected to sell 7 million shares in the $11 -$13 price range but was revised at the last minute to reflect a growing demand. Thus far, trading has peaked at $19 per share (or 37 percent higher than its debut price) and is currently holding steady at around $17. At the opening price, Marin expects to raise $105 million, valuing the company at $475 million.
Marin helps advertisers and agencies manage and track paid search ad campaigns across Google, Bing, Yahoo, Baidu, and other search engines. It’s annual revenues have steadily risen, which contributed to the stock’s strong opening. Also, Marin’s earlier admission that it wouldn’t be profitable in the foreseeable future doesn’t appear to have held it back. In 2011, the company reported revenues of $36.1 million at a loss of $17.4 million, and it was not profitable in 2012.
Marin Software is the first big ad-tech company to make an IPO in 2013, and is one of 17 tech IPO candidates to watch this year, as VentureBeat’s Christina Farr previously pointed out.