Outbrain Announces Closing of Initial Public Offering

Rhea-AI Summary

Outbrain announced the closing of its initial public offering (IPO) of 8 million shares at a public price of $20.00 each, raising approximately $160 million in gross proceeds. The offering saw all shares sold by Outbrain, with underwriters given a 30-day option for an additional 1.2 million shares. The IPO registration became effective on July 22, 2021, with Citigroup, Jefferies, Barclays, and Evercore ISI serving as joint bookrunners. Outbrain's common stock trades under the symbol OB on the Nasdaq Global Select Market.

Positive

• Raised approximately $160 million in gross proceeds from IPO.
• Underwriters received an option for an additional 1.2 million shares, which may indicate strong demand.

Negative

• None.

NEW YORK, July 27, 2021 (GLOBE NEWSWIRE) -- Outbrain Inc. (“Outbrain”), a leading recommendation platform for the open web, announced today the closing of its initial public offering of 8,000,000 shares of its common stock, at a price to the public of $20.00 per share. Aggregate gross proceeds to Outbrain were approximately $160 million, before underwriting discounts, commissions and estimated offering expenses. Outbrain has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares at the public offering price less the underwriting discount. All of the shares in the offering were offered by Outbrain. The common stock trades on the Nasdaq Global Select Market under the symbol “OB.”

Citigroup, Jefferies, Barclays, and Evercore ISI acted as joint bookrunners for the offering. JMP Securities, Needham & Company and LUMA Securities acted as co-managers.

A registration statement relating to the offering was declared effective by the Securities and Exchange Commission on July 22, 2021. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from any of the following sources:

• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by phone at (800) 831-9146 or by email at prospectus@citi.com;
• Jefferies, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2^nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com;
• Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com;
• Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at ecm.prospectus@evercore.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Outbrain

Outbrain is a leading recommendation platform for the open web. Our technology enables one-third of the world's online consumers to discover new things through recommendation feeds on their favorite media and connects advertisers to these audiences to grow their business. Outbrain partners with publishers and marketers in more than 55 countries worldwide and is headquartered in New York City, with offices in 18 cities worldwide.

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

FAQ

What was the share price for Outbrain's IPO?

Outbrain's IPO share price was $20.00.

How many shares were offered in Outbrain's IPO?

Outbrain offered 8 million shares in its IPO.

What is the ticker symbol for Outbrain's stock?

Outbrain's stock trades under the ticker symbol OB.

Who were the underwriters for Outbrain's IPO?

The underwriters for Outbrain's IPO were Citigroup, Jefferies, Barclays, and Evercore ISI.

What are the gross proceeds from Outbrain's IPO?

The gross proceeds from Outbrain's IPO were approximately $160 million.