February 1, 2011
Just how hot will the emerging mobile market be this year?
If the first notable IPO in the space is any indication, 2011 could be a barn burner. Velti PLC (VELT) is a mobile services provider formed ten years ago in Greece. Now headquartered in Dublin, Ireland, Velti had initially planned to issue shares in the $9-11 range with the hope of raising around $120M. As demand increased, the company ended up issuing 12.5 million shares at $12, raising $150 million. However, that’s just the start of this story. On Friday, the company's first full day of trading, Velti's shares impressively closed up another 30% at $15.58, leaving it with an approximate $800 million market capitalization.
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