Shares of ad technology company Mediaplex Inc. (MPLX) more than doubled
after its $12 a share initial public offering Friday.
Six million shares were initially priced at $12, at the top of its revised
price range.
The deal represented about a 20 percent stake in the company. The stock
closed at $29 on the Nasdaq exchange after the company raised $72 million
through its IPO.
For the nine months ended Sept. 30, the company posted revenues of $13.9
million and a net loss of $12.6 million.
“Valuations in this sector have been very favorable,” Irv DeGraw, research
director at WorldFinanceNet.com, told Reuters.
“This is a very fast start for a young firm and, combined with its client list, suggests a good deal of
creative talent. However, talent-based firms typically carry considerable
risk since people have a tendency to be mobile.”
Mediaplex markets its MOJO Works product, a suite online media services and
technologies that includes media planning and buying, ad serving, campaign
tracking, reporting, and real-time optimization.