Tremor International raises US$128mln as it prices Nasdaq IPO

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Tremor International Ltd (LON:TRMR) said it raised proceeds of US$128.6mln (£92.7mln) as it priced its initial public offering (IPO) of American Depositary Shares (ADS) on the Nasdaq.

The advertising technology group said it raised the funds through the issue of ADS representing around 13.5mln ordinary shares in the company at a price of US$19 (£13.70) per ADS, each of which represents two ordinary shares in the group.

The pricing of the ADS was equivalent to 685p per ordinary Tremor share, a 12.2% discount to Tremor’s closing price in London on Thursday.

Tremor said the ADS are expected to begin trading on the Nasdaq Global Market on Friday morning in New York.

The company’s shares were down 0.8% at 774p in early trading in London.

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