Outbrain Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

Outbrain has priced its initial public offering (IPO) at $20.00 per share, with plans to offer 8,000,000 shares, totaling approximately $160 million in gross proceeds. Shares are set to begin trading on the Nasdaq Global Market under the ticker symbol OB on July 23, 2021, with the offering expected to close by July 27, 2021. The underwriters have a 30-day option to purchase an additional 1,200,000 shares. The IPO aims to strengthen Outbrain's position as a leading digital recommendation platform across more than 55 countries.

Positive

• IPO set at $20.00 per share, raising approximately $160 million.
• Strong interest in the offering with an additional 1,200,000 share option for underwriters.
• Expected to strengthen Outbrain's market position and support future growth.

Negative

• Potential dilution of existing shares if underwriters exercise their additional share option.

NEW YORK, July 22, 2021 (GLOBE NEWSWIRE) -- Outbrain Inc. (“Outbrain”), announced today the pricing of its initial public offering of 8,000,000 shares of common stock at a price to the public of $20.00 per share. The gross proceeds to Outbrain from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $160 million. The shares are expected to begin trading on the Nasdaq Global Market on July 23, 2021 under the symbol “OB.” The offering is expected to close on July 27, 2021, subject to customary closing conditions. In addition, the underwriters have been granted a 30-day option to pursue an additional 1,200,000 shares of common stock from Outbrain at the initial public offering price, less underwriting discounts and commissions.

Citigroup, Jefferies, Barclays, and Evercore ISI are acting as joint bookrunners for the offering. JMP Securities, Needham & Company and LUMA Securities are acting 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 is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from:

• 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 shall 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 are the details of Outbrain's IPO?

Outbrain's IPO is priced at $20.00 per share for 8,000,000 shares, aiming for $160 million in gross proceeds.

When will Outbrain's shares start trading?

Outbrain's shares are expected to begin trading on the Nasdaq Global Market under symbol OB on July 23, 2021.

What is the potential impact of the IPO on existing shareholders?

The IPO could lead to potential dilution if underwriters exercise the option for an additional 1,200,000 shares.

What does Outbrain plan to do with the proceeds from the IPO?

While specific plans are not detailed, the proceeds are typically used to enhance market position and support growth initiatives.