Programmatic advertising technology company PapayaMobile has announced their initial public offering (IPO) on China’s National Equities Exchange and Quotations Index, also known as the New Third Board.

With a valuation of 2.2 billion yuan ($337 million USD), PapayaMobile is projecting a revenue of 1 billion yuan ($153.3 million USD) with 100 million yuan ($15.34 million USD) in net profit for 2016.

PapayaMobile provides a programmatic advertising platform called Papaya Ads (formerly AppFlood). It runs real-time bidding on large traffic sources, including Facebook, Twitter and Google, and calculates the conversion rate to analyze which is the best ad format and platform to achieve high user traffic with the lowest advertising budget.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com