Digital advertising company Aleph Group Inc reported an over 85% jump in revenue for 2021, according to a filing https://www.sec.gov/Archives/edgar/data/1887389/000110465922012392/tm2128749-6_f1.htm#tTHOF for an initial public offering that was made public on Monday.
Aleph is among a handful of companies opting to push ahead with their IPO plans amid choppy market conditions that have forced a number of companies to cancel or postpone their offerings since the beginning of the year.
Software startups WeTransfer, TypTap and Justworks and bitcoin miner Rhodium Enterprise are among companies that canceled IPOs in January, citing adverse market conditions.
Tech heavy Nasdaq is down nearly 10% this year, while S&P 500 Index has dropped around 6%.
Emerging markets-focused Aleph helps large digital platforms connect with advertisers and customers. It counts Meta Platforms Inc, Spotify Technology and Microsoft Corp-owned LinkedIn among its customers.
The company, which confidentially filed to go public in October last year, reported a revenue of $131 million in the year ended Dec. 31, up from $70 million in 2020.
Founded in 2005 as IMS Internet Media Services, Aleph was formed by combining four digital media service businesses last year. Sony Pictures Entertainment, MercadoLibre Inc, Twitter Inc and Snap Inc are among its investors.
Last month, Twitter Inc picked up a minority stake in Aleph, underscoring demand for brands that help companies advertise online.
It was valued at $2 billion last year after private equity firm CVC Capital Partners bought a stake worth $470 million.
Aleph expects to list on the New York Stock Exchange under the ticker symbol “ALEF”.
JPMorgan Chase & Co, Citigroup and Goldman Sachs were among the underwriters for the offering.
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