Israel's monday.com valued at nearly $7.6 bln in Nasdaq debut (updated)
10/06/2021 17:39
(Adds CEO comment, background, details on offering)
By Sohini Podder
June 10 (Reuters) - Shares of monday.com Ltd MNDY.O jumped
nearly 12% in their Nasdaq debut on Thursday, giving the Israeli
work management company a market capitalization of about $7.6
billion.
Shares of the company opened at $173.15, compared with their
initial public offering (IPO) price of $155 per share.
Tel Aviv-based Monday.com sold 3.7 million shares in its
IPO, raising about $574 million.
Launched in 2014, the company operates a cloud-based
platform known as Work OS that allows organizations to build
software, applications and work management tools based on their
needs.
"In the beginning, we had a vision of building something
that gives people the power to build their own software and
allows them to do things on their own, kind of like what we did
as developers," co-Chief Executive Officer Roy Mann told Reuters
in an interview.
Monday.com is present in more than 190 countries and has
over 125,000 customers, including the likes of Adobe Inc
ADBE.O , Peloton Interactive Inc PTON.O , Universal Music
Group and Discovery.
The company sees a massive opportunity in using its inside
and outside resources to go after the market and does not see
any reason to pursue any acquisitions post going public.
"Our plan is to grow organically for a long time," Mann
said.
Monday.com counts venture capital firm Insight Partners and
asset manager Hamilton Lane among its existing backers.
Its revenue surged 85% to $59 million in the three months
ended March 31, from a year earlier, according to a regulatory
filing. Net loss, however, widened to $39 million from $19.9
million.
Goldman Sachs, J.P. Morgan, Allen & Co and Jefferies were
among the underwriters of the offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini
Ganguli)
((sohini.podder@thomsonreuters.com;))