Teads, the spin-off of Altice's programmatic ad platform for advertisers and publishers, announced terms for its IPO on Wednesday.
The Amsterdam, Netherlands-based company plans to raise $751 million by offering 38.5 million shares (100% secondary) at a price range of $18 to $21. At the midpoint of the proposed range, Teads would command a market value of $4.6 billion.
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.
Teads was founded in 2006 and booked $571 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol TEAD. Goldman Sachs, Morgan Stanley, J.P. Morgan, BNP Paribas, and Citi are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
