Providence Equity-backed DoubleVerify files for U.S. IPO

(Reuters) – DoubleVerify Holdings Inc, a provider of software to track digital media engagement, on Wednesday filed with U.S. regulators to go public, hoping to cash in on investor optimism towards tech stocks.

The company, backed by investment firms Providence Equity Partners and Tiger Global Management, revealed a 33% surge in revenue for 2020. However, net income fell 12% in the year, it said in its filing.

DoubleVerify is betting on the high appetite for tech stocks during the pandemic which has seen investors flock to share sales of tech heavyweights like Coupang Inc and Roblox Corp.

Since the start of the year, companies have raised more than $110 billion in initial public offerings in the U.S., according to data from SPAC Research and IPOScoop.

The New York-based firm is led by Chief Executive Officer Mark Zagorski, who was earlier the CEO of Telaria Inc, an advertising technology company.

Its shares will be listed on the New York Stock Exchange under the symbol “DV”.

Goldman Sachs, JP Morgan, Barclays, RBC Capital Markets and Truist Securities are among the underwriters for the offering.

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