Stock soars at The Trade Desk over news of $200 million offering
The Trade Desk stock gained 3.5 percent on the news that it had filed a registration statement with the Securities and Exchange Commission for a follow-on offering of up to $200 million of existing stock.
The digital advertising platform company, headquartered in Ventura, will not receive any proceeds from the offering, filed May 19. The stock rose $1.76 following the announcement, to $51.83 as of 11 a.m. May 22.
At its initial public offering in September, the stock was priced at $18, but opened at $28.75. Since then, it has grown 73.5 percent and is up more than 88 percent year-to-date.
Pricing and number of shares were not listed in the S-1 filing. Citigroup, Jefferies and RBC Capital Markets will manage the offering, with Needham & Company and Raymond James acting as co-managers.
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