Rubicon Project Surges In IPO

Santa Monica-based The Rubicon Project, the online advertising technology and exchange operator founded by Frank Addante, surged in its IPO on Wednesday morning, trading up roughly 34% in morning trading. Rubicon--which priced at $15.00 per share last night--was trading as high as $20.44 per share on its first morning as RUBI. The IPO is a huge win for backers Clearstone Ventures, News Corp., and Mayfield. It's been a long road for Rubicon's backers, who first invested in the company back in 2007, when Clearstone Ventures invested in Rubicon's Series A funding. Clearstone owned about 24.0% of Rubicon Project at the IPO.