New York – Shares of Demand Media (NYSE: DMD), an online publisher whose
sites attract over 100 million monthly visitors, were up over 35% in their
first day of trading on the New York Stock Exchange. The company said it raised
$151.3 million in its initial public offering. The company had initially
planned to price its shares at $14 to $16, but the offering was set at $17 per
share; investors pushed that price over $23 on Wednesday.
Founded in 2006, Santa
Monica, Calif.-based Demand Media operates a network of websites and produces
articles and videos, and also provides social media tools to its partners.
The
company also operates a domain name registrar business.
Demand Media has raised
a total of $355 million in venture capital financing, from backers including 3i
Group, Oak Investment Partners, Generation Partners, Goldman Sachs and Spectrum
Equity Investors.
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