Zeta Global Holdings Corp.
ZETA,
is set to go public Thursday, after the cloud-based marketing technology company's downsized initial public offering priced overnight, valuing the New York-based company at about $1.9 billion. The total offering of the IPO was 21.5 million shares, as the company sold 14.77 million shares and selling shareholders sold 6.73 million shares, compared with a previous filing in which the company was offering 15.62 million shares and selling shareholders were offering 7.11 million shares. The IPO priced at $10 a share, compared with expectations of between $10 and $12 a share, as the company raised $147.7 million. The stock is expected to start trading on the NYSE under the ticker symbol "ZETA." Morgan Stanley, BofA Securities, Credit Suisse and Barclays are the lead underwriters. The company recorded a loss of $53.2 million on revenue of $368.1 million in 2020, after a loss of $38.5 million on revenue of $306.1 million in 2019. The company is going public at a time that the Renaissance IPO ETF
IPO,
-1.06%
has slipped 2.0% over the past three months while the S&P 500
SPX,
-0.18%
has gained 8.2%.