Adgorithms, a Tel Aviv, Israel-based programmatic ad platform for small- to mid-sized brands, on Thursday went though its initial public offering (IPO) on the Alternative Investment Market (AIM) of the London Stock Exchange.
Adgorithms is admitting just shy of 62 million ordinary shares to AIM with a price point of 133 pence ($2.03) per share. Adgortihms aims to raise $41.4 million as a result of the IPO.
“Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others,” stated Or Shani, founder and CEO of Adgorithms. The company launched a self-serve version of its platform last year.
Adgorithms intends to use the capital raised to expand. Namely, the company plans to grow its offices in New York and London with the funding. Despite focusing on small- to mid-sized brands in the past, the company intends to target Fortune 500 companies once it expands in the U.S.
This is not an uncommon goal for companies that go public via the AIM exchange. “AIM…help[s] smaller and growing companies raise the capital they need for expansion,” the London Stock Exchange’s Web site explains.
Liberum acted as Nominated Adviser and Broker for Adgorithms, per a release, while Hirsch-Falk & Co. acted as Israel counsel and Berwin Leighton Paisner LLP acted as UK counsel.
Adgorithms will trade under the ticker “ADGO.”