MediaMind Prices Low IPO

NEW YORK, Aug 10 (Reuters) – MediaMind Technologies Inc MDMD.O, whose services help manage digital advertising campaigns, priced a $57.5 million initial public offering below the expected range, according to an underwriter.

The offering included 5 million shares sold for $11.50 each, 23 percent below the midpoint of the expected $14 to $16 range.

Formerly known as Eyeblaster, MediaMind helps advertisers and agencies manage their budgets across different types of digital media including online, mobile and video. Customers pay to create and measure ad campaigns on MediaMind’s platform, and in 2009 the company worked with 7,000 brand advertisers.

In the first half of 2010, MediaMind posted revenue of $37.2 million, 36 percent higher than a year earlier. Net income attributable to common shareholders rose 89 percent to $2.4 million in the same period.

MediaMind’s largest customer, Microsoft Corp (MSFT.O), accounted for 22 percent of revenue in 2009.

Deutsche Bank Securities and JPMorgan arranged the offering. MediaMind shares are expected to begin trading on the Nasdaq on Wednesday under the symbol “MDMD.” (Reporting by Clare Baldwin, Liana B. Baker and Jonathan Stempel)