June 4 (Reuters) – Liftoff Mobile’s shares rose about 9% in their Nasdaq debut on Thursday, valuing the company at about $4.18 billion and marking the latest private equity-backed listing to benefit from a rebound in demand for new stocks.
Here are some details of the listing:
• The Blackstone-backed tech firm’s stock opened for trading at $25.10.
• The Redwood City, California-based firm raised $437 million after pricing 19 million shares at $23 each, exceeding its target range of $20 to $22 per share.
• The company offers software that helps mobile app developers attract and retain users, while generating revenue through advertising and other monetization tools.
• The mobile app advertising industry has benefited from companies spending more to attract and retain users in an increasingly crowded market.
• Liftoff’s debut adds to signs of a broadening recovery in the U.S. IPO market, with investors showing renewed appetite for growth companies after a volatile start to the year driven by trade tensions and geopolitical uncertainty.
• Fears that AI would disrupt established software business models have moderated in recent months, helping improve investor sentiment toward technology companies and supporting a rebound in new listings.
• Liftoff was created in 2021 when Blackstone merged its portfolio companies Liftoff and Vungle.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
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