Global private equity and venture capital news and research

Passport Ventures sees stake value soar following NYSE debut

10 Mar 2014

dollar large_sqPassport Ventures has seen the value of its stake in digital coupon business soar after the company’s value rose to more than $2.2bn following its debut on the New York Stock Exchange on Friday.

The venture capital firm still holds 20 per cent of the business following the public listing according to the company prospectus, which shows T Rowe Price also holds 10 per cent.

T. Rowe Price owned 11.66 per cent of the company prior to the IPO, while Passport Ventures held a 22.56 per cent stake. priced 10.5 million shares at $16 each a day before the listing, higher than its planned $12 to $14 price range.

The company received a $200m investment from institutional backers in 2011.

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