PubMatic made money in ad tech, a business known for burning cash. The company ran auctions for publishers: each time a page or app loaded, advertisers bid for the slot, and PubMatic's software picked a winner in milliseconds. It ran much of that work on its own servers to keep costs low. When it went public in December 2020, the pandemic had pushed more people online, and ad budgets were moving to streaming TV and apps.

Working for the Seller

Brothers Rajeev and Amar Goel founded PubMatic in 2006 with Anand Das and Mukul Kumar. Much of its engineering team worked in Pune, India. Most ad tech firms worked for the buyers, the brands and agencies placing ads. PubMatic's bet was the other side of the trade. It worked for publishers, helping them earn more from every visit by putting their ad space in front of many buyers at once.

A Profitable Debut

PubMatic priced at $20 a share, above its range of $16 to $18, and began trading on the Nasdaq as PUBM on December 9, 2020. The stock rose sharply on its first day. PubMatic was already profitable when it filed. It went on to sell more ads on connected TV and in mobile apps, and it still trades on the Nasdaq as PUBM.

Cover: Newspaper-Stall, Rue de Seine, James McNeill Whistler. Art Institute of Chicago, public domain. Chosen for a newspaper stall (publishers and their pages).