Rocket Fuel, an advertising technology company that relies on artificial intelligence, priced its initial public offering on Thursday at the top of its expectations, garnering $116 million in proceeds.
The company sold 4 million shares at $29 each, the high end of an already raised range. The stock sale values it at $942.5 million.
Thursday’s offering is the latest in a series of technology I.P.O.’s, a sector that is trying to revive after staying quiet for much of the past year. Analysts and deal makers expect a big number of companies to make their public debuts by year end, led by Twitter and its potentially gigantic stock sale.
Rocket Fuel is one of several companies riding a number of big technology trends, including the much-ballyhooed Big Data phenomenon. But the five-year-old start-up’s trump card is its artificial intelligence software, which the company says uses computer programs to better place clients’ ads with minimal human input.
According to the company’s most recent prospectus, it reported $106.6 million in revenue last year on top of a $10.3 million loss. Using adjusted earnings before interest, taxes, depreciation and amortization, it lost $3 million for the period.
The offering was led by Credit Suisse and Citigroup.
