Overview
- Liftoff sold 19,000,000 shares at $23 each to raise $437 million and began trading on Nasdaq under the ticker LFTO.
- The offering’s prospectus math implied a $3.83 billion valuation while the stock’s opening price near $25.10 lifted market value to about $4.18 billion.
- Blackstone remains the majority owner after combining Liftoff and Vungle in 2021 and investment funds tied to General Atlantic were allocated roughly 1.3 million shares.
- Liftoff said it will use net proceeds to repay outstanding debt under its senior secured term loan with any remaining funds for general corporate purposes.
- The company operates an AI-driven Cortex platform that helps mobile app developers buy users and monetize inventory and the above-range pricing offers a fresh public benchmark for adtech peers after a pulled earlier IPO attempt.