Advertising technology company Rocket Fuel Inc.'s initial public offering was priced at $29 per share, the higher end of its proposed price range, an underwriter told Reuters.

The company raised $116 million from the offering of about 4 million shares. All the shares in the IPO are being sold by Rocket Fuel.

The Redwood City, California-based company uses artificial intelligence and big data to help customers place their ads on websites and mobile networks. It had 784 active customers, as of June 30.

The company reported a loss of $11.9 million on revenue of $92.6 million for the first half of the year.

Rocket Fuel has raised over $76 million in funding from investors, including Mohr Davidow Ventures, Northgate Capital and Summit Partners.

Credit Suisse and Citigroup are the lead underwriters for the offering.

Rocket Fuel is expected to debut on Friday on the Nasdaq under the symbol "FUEL."