On Wednesday, AppNexus filed for its IPO on a confidential basis, according to a report in The Wall Street Journal.
The ad-tech firm has been the focus of intense speculation on the timing of its IPO since it filed the initial paperwork this summer.
The Journal report said AppNexus is looking for a valuation in the $1.5 billion to $2 billion range. The company has already raised more than $300 million, including a $62 million Series F round in 2015 and $31 million this past September from News Corp.
Last month AppNexus cut 13% of its workforce. This was perceived to be a move to streamline its balance sheet ahead of an IPO filing.
AppNexus faces a market that’s been rather unfriendly to ad-tech firms, though The Trade Desk’s IPO several weeks ago appeared to go off without a hitch. Shares of The Trade Desk closed at $26.58 yesterday at the end of the trading day. Its initial IPO price was $18/share. However, ad-tech firms Rubicon Project and Rocket Fuel have struggled a bit. TubeMogul’s acquisition by Adobe puts it into a different category—it’s not going it alone in the public markets.
AppNexus would now have 21 days to make its S-1 public before any type of roadshow. Companies with revenue of less than $1 billion are permitted to file IPOs confidentially.