The first ad-tech IPO since July 2014 showed why companies in the category have shied away from Wall Street.
Maxpoint Interactive, a marketing automation company that helps brands target neighborhoods via zip codes, went public today and watched its stock drop more than 15% by the time the market closed. The stock was priced at $11.50 and closed at $9.76.
A spokesman did not immediately return an email asking for comment about the stock's performance.
Wall Street has been particularly cruel to ad-tech companies lately, which Ad Age noted in a story last month. After an unusually high volume of ad-tech IPOs -- six in thirteen months -- the market has slowed considerably. At the same time, private market acquisition prices have also fallen, according to Exitround, an online tech M&A marketplace. Last month, Maxpoint became the first ad-tech company to file to go public in nearly year.