Tremor Video, a portfolio company of Keating Capital, has completed the pricing of its initial public offering of 7.5 million shares of common stock at a price of $10 per share. The company’s shares are now trading on the New York Stock Exchange under the ticker symbol TRMR.
Keating Capital invested $4 million in Tremor Video in September 2011. Based on the IPO price, Keating Capital’s investment in Tremor Video common stock would have a value of approximately $6 million, representing 1.5x its investment cost. Keating Capital’s stock is not eligible for resale until after the 180-day post-IPO lockup period.
Tremor Video is an online video technology and advertising company that provides video advertising services to major brand advertisers and publishers of Web videos. The company was founded in 2005 and is headquartered in New York (www.tremorvideo.com).
Keating Capital is a business development company that specializes in making pre-IPO investments in growth companies that are committed to and capable of becoming public. Tremor Video is the fourth Keating Capital portfolio company (out of a total of 20 portfolio company investments) that has successfully completed an IPO since Keating Capital’s first portfolio company investment in January 2010. Keating Capital has also exited one other portfolio company as part of a sale of a controlling stake to a private equity firm. Keating Capital is based in Greenwood Village, CO (www.keatingcapital.com).
Credit Suisse and Jefferies acted as joint book-running managers for the Tremor Video IPO which raised $75 million in gross proceeds. Canaccord Genuity and Oppenheimer & Co acted as co-managers for the offering.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-28-13
