Video advertising software company TubeMogul has updated the S1 form it had filed with the SEC to reflect a new valuation for its initial public offering (IPO).

In the original S1, TubeMogul opted for a figure in the region of $75. Today though, it has amended this upwards and now wants to sell 6.3 million shares priced between $11 and $13, which equates to $93.4 million in stock.

What has been the reason for this change? TubeMogul has seen a shift in financial fortunes with its revenue increasing by 130% to approximately $22 million for the quarter ending March 31.

Fiscal 2013 gains

Elsewhere, TubeMogul revenue has risen 20% to $57.2 million for fiscal 2013 and that has had an effect on the $7.4 million net loss it suffered in 2012. The additional revenue helped lessen that slump by 60% to $767,000 during the full-year 2013.

Since being founded in 2006, TubeMogul has raised upwards of $53 million in funding from venture capitalists including Trinity Ventures, Foundation Capital and Northgate Capital.

TubeMogul intends to use the symbol TUBE when it eventually lists on the New York Stock Exchange.