Mobile ad network Velti raises $150 million in IPO

Shares of mobile advertising network Velti raised about $150.2 million as the firm made its U.S. stock market debut late last week. Shares of Velti--trading on Nasdaq as 'VELT'--closed at $15.58 on Friday, up 29.8 percent over their $12 initial public offering price. The IPO included more than 12.5 million ordinary shares, with Velti offering roughly 11.1 million shares and selling shareholders offering the remaining 1.4 million--moreover, Velti said its underwriters will exercise their option to purchase an additional 1.87 million shares, boosting the IPO size to close to 14.4 million shares in all.

Velti's mobile marketing and advertising solutions enable brands, ad agencies, mobile operators and publishers to launch targeted, measurable campaigns spanning over 30 countries and 2.5 billion wireless subscribers. Customers include AT&T (NYSE:T), Vodafone and Johnson & Johnson.

For more:
- read this Reuters article

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