Azerion Group NV, a digital advertising and entertainment company, became public in Amsterdam on Wednesday following its acquisition by EFIC1, a special purpose acquisition company (SPAC).

The new entity’s shares fell 2.5 percent to 9.29 euros a share, giving it a market capitalization of around 1.04 billion euros ($1.17 billion).

Azerion, based in Amsterdam and formed in 2014, creates software that automates the acquisition and sale of digital advertising, as well as online games and entertainment.

For the third quarter of 2021, the company reported revenue of 83.5 million euros and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 17.4 million euros. When comparing enterprises held in both years, it predicts revenue of at least 300 million euros for the whole year 2021, up roughly 28% from 2020.

Co-founder and CEO Atilla Aytekin said Wednesday’s listing was an important step for the company to “enter the public markets and continue to grow and advance our platform.”

Azerion agreed in December to be bought by the SPAC run by former Commerzbank CEO Martin Blessing, formally named European Fintech IPO Company 1 BV.

EFIC1 was listed in March 2021.

As part of the deal, Azerion received 56 million euros to be used for growth and acquisitions.

Some 74.3% of the company’s shares are owned by Principion Holding BV, an entity controlled by its co-founders.

Credit Suisse and ABN Amro advised EFIC1, while Rothschild, Citigroup and Jeffries advised Azerion.