Pune and California-based adtech company PubMatic is making waves as it listed on Nasdaq last week, with an offering price (per-share value at which securities are sold) of $20. The company’s shares opened 25% higher at $25.12 on the debut day (Dec 9), and at one point, rose 65% to $33.16, earning many accolades from enterprise tech and venture capital ecosystems. The steep spike in its opening prices took its market valuation to more than $1.3 billion. The company had sought to raise around $115 Mn from its initial public offering (IPO).
In the past, India-based IT behemoths such as TCS, Infosys, Wipro, HCL and Cognizant had been listed in the US for better business outcomes. In 2015, IT player Mastek spun out its insurance SaaS business (Majesco) and listed it on the Nasdaq. It is currently pursuing a strategic sale to a US private equity firm at an attractive valuation.
PubMatic, too, is operating in a lucrative space and seems to be gearing up for the big game in the global…