Tremor Video announced the completed pricing for its initial public offering (IPO). The company was set to sell 7,500,000 shares of common stock at US$10.00 per share piece. The pricing was completed June 26 and started trading June 27 on the New York Stock Exchange under the symbol TRMR.
Jefferies and Credit Suisse acted as the joint book running managers for the IPO. The offering raised US$75 million in gross proceeds. The co-managers of the deal were Canaccord Genuity and Oppenheimer & Co.
Tremor Video was founded in 2005. The online video technology and advertising company is headquartered in New York. It provides video advertising solutions to Web video publishers and major brand advertisers.
In September of 2011, Keating Capital acquired Tremor Video's shares for a total investment of US$4 million. Keating Capital gained 599,998 shares of common stock having cost basis of US$6.67.
Keating Capital is to receive approximately US$6.0 million basing on the US$10 IPO price. This would represent 1.5 times its investment cost. As of March this year, the investment of Keating Capital in Tremor Video had a fair value of US$3,860,000.
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