Media Tracker DoubleVerify Climbs 33% in Trading Debut


DoubleVerify Holdings Inc., a company that tracks digital media engagement, rose 33% in its trading debut after pricing its initial public offering at the top of a marketed range to raise $360 million.

The company’s shares, which sold for $27 in the IPO, closed at $36 Wednesday in New York trading, giving the company a market value of $5.6 billion. Diluted to include employee stock options and restricted stock units, the company’s valuation rises to about $6.2 billion.

DoubleVerify, along with Providence Equity Partners and other investors, sold 13.3 million shares Tuesday after marketing them for $24 to $27.

Concurrent with the IPO, a Tiger Global Management affiliate is buying two $30 million blocks of stock, one from the company and the other from Providence, according to DoubleVerify’s filings with the U.S. Securities and Exchange Commission.

The company generated net income of about $20 million on revenue of $244 million last year, compared with $23 million of net income on revenue of $183 million in 2019.

Providence agreed to acquire a majority stake in DoubleVerify in 2017, and Davis Noell, a senior Providence executive, is chairman of the company. The firm will hold 58% of DoubleVerify’s common stock after the listing, according to the filings.

The offering was led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. DoubleVerify’s shares are trading on the New York Stock Exchange under the symbol DV.

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