Rubicon Project Shares Being Bought Following IPO: Now Around $20 After Opening at $17.50/Share

Traders are cheering the stock market open of Rubicon Project

Wednesday morning, bidding shares up by almost three points from the open price. After pricing at $15 per share, the issue opened at $17.50 and has since continued higher to around $20. Back in early February, Rubicon Project set an initial IPO value for the issue at around $100 million. By late March, Rubicon had a definitive range on the expected open, about 6.7 million shares in the $15 to $17 per share range. Underwriters on the IPO included Morgan Stanley, Goldman Sachs and RBC Capital. Needham, Oppenheimer and LUMA Securities acted as co-managers for the issue. As described in one of Rubicon Project's recent S-1 filings, the company is "a technology company on a mission to automate the buying and selling of advertising. Our Advertising Automation Cloud is a highly scalable software platform that powers and optimizes a leading marketplace for the real time trading of digital advertising between buyers and sellers. Through the speed and big data analytics of our algorithm-based solution, we have transformed the cumbersome, complex process of buying and selling digital advertising into a seamless automated process that optimizes results for both buyers and sellers."