Criteo in first French IPO in the US since 2011
Tech firm Criteo, which offers personalized advertisements, has become the first French company to take advantage of the US Jumpstart Our Business Startups (JOBS) Act in its IPO this week.
The company, which is using BNY Mellon for its ADR program, is listed on NASDAQ under the CRTO ticker symbol.
Criteo, which works with more than 4,000 e-commerce companies around the world, has more than 700 employees in offices across the US, Europe and Asia and serves 37 countries, has benefited from the relaxed regulations offered to non-US firms under the JOBS Act.
The act, which was signed into law in April 2012, allows companies with less than $1 bn in annual revenue seeking to list and raise capital in the US to take advantage of relaxed disclosure and audit reporting requirements for up to five years, among other regulatory changes, explains BNY Mellon.
‘Criteo’s listing on NASDAQ signals both a return of French IPOs to the US and the incentive to foreign firms provided by the JOBS Act,’ says Christopher Kearns, CEO of BNY Mellon’s DR business, in a press statement. He describes Criteo as ‘an excellent example of companies that are developing innovative new technologies for their industries.’