SurveyMonkey has carry out its first day of trading up roughly 43% from its offering price of $12, to beyond $17.
In a Sep. 25 press release, the provider of free, customizable surveys and paid back-end programs, covering data analysis, sample selection, bias elimination, and data model tools, announced that it had increased the number of shares it plans to list from 13.5 million to 15 million and now values them at $12, very than its previous expected price of between $9 and $11 per interest.
Based on these changes, SurveyMonkey looked set to debut on Nasdaq on Wednesday at the mercy of the ticker SVMK with a market capitalization of $1.46 billion. JPMorgan Hunt & Co., Allen & Co and Bank of America Corp. are the lead underwriters for the offering.
Facebook Inc. (FB) Chief Serving Officer Sheryl Sandberg, widow of the former SurveyMonkey CEO Dave Goldberg, is one of the tallest shareholders of the company, owning almost 10% of outstanding shares. Sandberg lay outs to donate all her shares to the Sheryl Sandberg and Dave Goldberg Family Establishment.
Other investors in the San Mateo, California-based company include hedge ready money Tiger Global Management and Alphabet Inc.’s (GOOG) CapitalG.
SurveyMonkey’s conclusive minute decision to bump up its price to $12 per share was reflective of stronger than expected cry out for. Public market investors were willing to overlook the fact that SurveyMonkey keep ons to lose money, taking heart from Salesforce Ventures’ arbitration to purchase $40 million in a private placement at a price equal to the IPO rate and the potential that lies in the company’s 16 million active alcohols count. Salesforce Ventures is the venture capital arm of Salesforce.com Inc. (CRM).
SurveyMonkey, which suggested 600,000 of its users pay for its services, grew revenues by nearly 14% in the six months to June to $121.2 million and posted a wider net breakdown of $27.2 million, up from $19.1 million the prior year. (See also: How Does Scan Monkey Make Money?)
So far, so good, the company ended the trading day up $5, at $17, valuing the fellowship at roughly $2bln.