Connected TV ad platform Innovid began trading on the New York Stock Exchange (NYSE) on Wednesday with the ticker symbol “CTV,” after reaching a definitive agreement to go public through a SPAC with ION Acquisition Corp. in June.
The listing comes as Innovid, which serves and measures ads across CTV, mobile TV and desktop TV for over 40% of the top 200 U.S. TV advertisers, expanded into China and inked partnerships with The Trade Desk and Magnite to bolster CTV infrastructure, and strengthened its relationships with verification partners Double Verify and Integral Ad Science.
Innovid also had an exclusive partnership with NBC to serve streaming and digital ads for the Olympics.
In October, the company secured an additional $50 million in public equity (PIPE) funding from a group of existing PIPE investors, bringing its aggregate amount of PIPE commitments to $200 million.
Trading price for Innovid’s stock is estimated to be $10 per share.
The IPO marks a continued commitment to transparency and innovation, said CEO Zvika Netter.
“Even before the term CTV existed, we were around for 14 years,” he said. “It was always about the future of television and innovation in video.”
Innovid is one of many ad tech companies to flock to Wall Street in recent years, despite some performing poorly. But Netter said as streaming continues to grow, he is confident the CTV ad business, and thereby Innovid, will continue to grow and succeed.
Innovid serves more than one billion ads per day on average for more than 40% of the top 200 U.S. TV advertisers, including Toyota, L’Oreal, Bank of America and GlaxoSmithKline. Over the next year, the company expects to create more integrations with CTV publishers in international markets and launch new personalized ad formats.
According to Netter, Innovid is also doubling-down on measurement solutions as the TV measurement landscape remains in flux.
Innovid previously expected to trade under the ticker IACB, but chose CTV because "Innovid is leading the transition of linear ad investment to CTV, and as more people transition from LInear TV to CTV, Innovid will grow," Netter said.