Teads, a spin-off of Altice's programmatic ad platform for advertisers and publishers, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $650 million.
Teads operates a cloud-based, end-to-end platform that enables programmatic digital advertising for a global ecosystem of advertisers, their agencies, and publishers. The company operates in the internet ecosystem, outside of advertising platforms like Facebook and Google, and publisher customers include The BBC, ESPN, Bloomberg, The Washington Post, Der Spiegel, and SCMP. As of April 2021, Teads enabled customers to reach 1.9 billion unique monthly users.
The Amsterdam, Netherlands-based company was founded in 2006 and booked $571 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol TEAD. Teads filed confidentially on May 12, 2021. Goldman Sachs, Morgan Stanley, J.P. Morgan, BNP Paribas, and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
