Liftoff Mobile raises $437M in first ad tech IPO in over a year, testing public market appetite
By
Ronan Shields
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Summary
Liftoff Mobile, backed by Blackstone, successfully completed its IPO on the Nasdaq, raising $437 million at $23 per share. This marks the first ad tech IPO in over 12 months and serves as a key test of public market appetite for ad technology companies. The company was formed through Blackstone's 2019 purchase of Vungle and its subsequent merger with Liftoff. This IPO follows a previous attempt that was pulled in February amid broader software stock volatility.
Key quotes
· 2 pulledLiftoff Mobile's initial public offering this week, which raised $437 million, representing a stock flotation price of $23 per share, was the latest test of the public market's appetite for ad tech.
The debut of the Blackstone-backed mobile app outfit on the Nasdaq comes after an earlier attempt to go public was pulled in February, when broader software stocks s
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