Mobile marketing firm Velti has filed to raise up to $200 million in a U.S. IPO. The company, which provides a platform advertisers use to manage their mobile ad camapaigns, says it will use the proceeds to pay back all of its $39 million in debt, as well as for “general corporate purposes.”
Velti has been trading on the AIM stock exchange in London for four years, so its financial status was already known. (It raised $17 million in its IPO there in 2006). The company’s F-1 filing does however provide some updates: Its revenue was $90 million last year, up from $62 million in 2008. Net income was $6.2 million, compared to a $6.2 million loss in 2008. And Velti paid $3.6 million for Ad Infuse, the U.S.-based mobile ad startup it purchased a year ago.
Velti expects to trade under the symbol VELT on the Nasdaq stock market. The offering is being underwritten by Needham & Co., RBC Capital Markets, Canaccord Genuity, and ThinkEquity.