Rocket Fuel (FUEL) Jumps 93% From IPO Price
Rocket Fuel (NASDAQ:FUEL) is a company that uses artificial intelligence to enhance digital advertising. Over 500 of the world’s top brands relies on Rocket Fuel for powering their display, mobile, video, and social media initiatives. Rocket Fuel’s personalized computing engine screens over 28 billion ads per day and it selects the most relevant ads for customers based on real-time bidding.
Last month, Rocket Fuel revealed that they were going to go public. Two nights ago, the company sold 4 million shares at a price of $29, raising $116 million with a valuation of almost $1 billion.
Yesterday, when the company went public, the share price went as high as $62.50 and then closed at $56.10. This means that the company grew about 93.45% from their opening price of $29.
“Rocket Fuel is a leading innovator in the areas of advertising and using big data to improve ROI,” stated Bruce Aust, the executive vice president of the NASDAQ OMX Corporate Client Group. “We are pleased to welcome Rocket Fuel to the NASDAQ OMX family, and look forward to celebrating many milestones with the company and its shareholders.”
Rocket Fuel generated $107 million in 2012 revenues, which is more than double from 2011. The company reported an EBITDA loss of $3 million.