Rubicon Project climbs after IPO prices at $101.5M

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Associated Press

Posted on April 2, 2014 at 5:01 PM

Updated Wednesday, Apr 2 at 5:02 PM

NEW YORK (AP) — Shares of The Rubicon Project jumped Wednesday after the ad exchange's initial public offering priced at $101.5 million.

The offering of 6.8 million shares priced at $15 a share, at the low end of its expectations. Rubicon is selling 5.4 million shares and will get $81.3 million in gross proceeds. The rest of the shares are being sold by Rubicon shareholders.

Shares of The Rubicon Project Inc. rose $5.09, or 33.9 percent, to $20.09. During the day the stock peaked at $21.20.

Rubicon operates a digital ad exchange that automates the buying and selling of online advertising. It is based in Los Angeles.

The shares are trading on the New York Stock Exchange under the ticker symbol "RUBI."

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