Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo by Kelsey Ayres / Nasdaq

Cardlytics, an Atlanta-based marketing software company that scours personal transaction data to insert ads into online banking platforms, today raised just over $70 million in its IPO.

Why it matters: Several other companies pulled IPOs this week, due to market volatility.

  • Cardlytics priced 5.4 million shares at $13 (low end of $13-$15 range), and began trading on the NASDAQ under ticker CDLX. BofA Merrill Lynch served as lead underwriter.
  • Cardlytics had previously raised over $180 million in venture capital funding at a valuation that once approached $700 million. The IPO gives the company a fully-diluted value of around $275 million.

Cardlytics CEO Scott Grimes and COO Lynne Laube tell Axios that the company initially decided to go public because it is at an "inflection point," in that it currently sees around 20% of all bank transactions but is in pilot programs with other banks (e.g., Wells Fargo) to significantly increase that percentage. The buttressed balance sheet could be key when it comes to investing in these integrations.

As for going public into a volatile market, Grimes says:

"We met with nearly 200 investors during the roadshow, which started last Monday, and during the first week people were very bullish about the markets and us pricing about the offering range... I do think we might have priced above the range had we not experienced the broader market problems but, in the end, we're more worried about our share price in months and years from now than today."

Laube adds:

"It's a lot of work to get to the point where you're able to price an IPO, and to get strong interest from the types of investors we want, who are owners not renters. We would have liked the market to have been more stable and priced above range but, in the end, it was a transaction we wanted to get done."

Go deeper

Dave Lawler, author of World
2 hours ago - World

Venezuela's predictable elections herald an uncertain future

The watchful eyes of Hugo Chávez on an election poster in Caracas. Photo: Cristian Hernandez/AFP via Getty

Venezuelans will go to the polls on Sunday, Nicolás Maduro will complete his takeover of the last opposition-held body, and much of the world will refuse to recognize the results.

The big picture: The U.S. and dozens of other countries have backed an opposition boycott of the National Assembly elections on the grounds that — given Maduro's tactics (like tying jobs and welfare benefits to voting), track record, and control of the National Electoral Council — they will be neither free nor fair.

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden told CNN on Thursday that he plans to ask the American public to wear face masks for the first 100 days of his presidency.

The big picture: Biden also stated he has asked NIAID director Anthony Fauci to stay on in his current role, serve as a chief medical adviser and be part of his COVID-19 response team when he takes office early next year.