French online advertising company Criteo leaps in its 1st day of trading on the Nasdaq

NEW YORK, N.Y. – French online advertising company Criteo’s stock is surging in its U.S. market debut.

Criteo SA priced its initial public offering at $31 per American depositary share, above the expected range of $27 to $29. Each ADS represents one ordinary share.

The shares were up about 34 per cent in afternoon trading.

The Paris-based company sold about 8.1 million shares, 900,000 more than it originally planned, according to a regulatory filing.

Criteo, which specializes in performance display advertising, raised about $251 million. It plans to use the proceeds for general corporate purposes and may use some funds for acquisitions or investments.

The underwriters have a 30-day option to buy up to an additional 1.2 million shares to cover excess demand.

The shares are trading on the Nasdaq under the “CRTO” ticker symbol.