Mobile ad network raises $150m

Mobile ad network Velti has raised over $150 million in an initial public offering in the US. Stocks for the Irish-based company started trading on the Nasdaq and share prices rose 25 per cent.

Velti reported total revenues of $38 million for the six months to June 30th 2010, representing a 170 per cent increase year on year. The network lets brands and agencies book ad campaigns which are then served to smartphones and tablets. Last month it also announced it’s working with leading mobile operator groups including O2, Orange and Vodafone to deliver mobile ad campaigns to their subcribers.

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