SurveyMonkey raises $180M in upsized IPO

Adjust Comment Print

SVMK Inc. - more commonly known as SurveyMonkey -will price at $12 per share, above the $9 to $11 it had been seeking, in its initial public offering thanks to stronger-than-expected demand from investors.

In addition, the company has granted the underwriters a 30-day option to purchase up to 2,250,000 additional shares of its common stock at the initial public offering price less the underwriting discount.

The popular online survey development company conducts over 20 million surveys to 8 million users per day.

The IPO raised $180 million through the sale of 15 million shares.

SurveyMonkey, founded in 1999, waited almost two decades to go public.

In the past three years, the San Mateo, California-based company has begun partnering with companies such as Salesforce, Microsoft Corp. and Google, according to the filing. "Our People Powered Data platform enables conversations at scale to deliver impactful customer, employee and market insights to our over 16 million active users globally".

Sandberg, the chief operating officer of Facebook, pledged earlier this year to donate the proceeds from the IPO of SurveyMonkey's parent company, SVMK.

For the first six months of 2018, SurveyMonkey's net loss increased to $27.2 million from $19.1 million for the same period past year. In 2017 it had a net loss of $24 million on revenue of $218.8 million.

J.P. Morgan, Allen & Company and Bank of America are leading the offering - which will be listed on the NASDAQ Stock Market under the ticker "SVMK".

Comments