Tremor sets terms for Nasdaq IPO at $1.7b valuation

Ofer Druker Photo: Inbal Marmary

The Nasdaq offering will enable the Israeli ad-tech company to raise $150 million, rising to $173.50, if the underwriters fully exercise their options.

Israeli ad-tech company Tremor International (LSE: TRMR) has set terms for its offering on Nasdaq. Tremor will issue American Depository Shares (ADS) with each ADS worth two of the shares currently being traded on the London Stock Exchange and sold for $22.17, giving the company a market cap of $1.7 billion.

Tremor CEO Ofer Druker was formerly the founder and CEO of Matomy Media. The Nasdaq offering will enable Tremor to raise $150 million, rising to $173.50, if the underwriters fully exercise their options.

Tremor, founded as Marimedia, and then known as Taptica, has developed an automatic data-based trading platform for advertisers. The software platform that Tremor provides is designed for different types of media (mobile, smart TVs and more) and streamlines trading between advertising buyers and publishers selling advertising.

Tremor's current shareholders include Schroders, News Corp. and Toscafund Asset Management.

The company's share price has doubled since the start of 2021. Revenue in 2020 was $212 million, down 34.9% from 2019 but revenue in the first quarter of 2021 was $71 million, up 83.9% from the corresponding quarter of 2020. Net profit was $2.1 million in all of 2020 but rose to $12.9 million in the first quarter of 2021.

Published by Globes, Israel business news - en.globes.co.il - on June 15, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ofer Druker Photo: Inbal Marmary
Ofer Druker Photo: Inbal Marmary
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