Similarweb slides as board director's share sale prices

Similarweb

13/09/2024 13:40

(Updates with offering pricing details)
    ** Similarweb's  SMWB.O  shares down 11.2% premarket at
$8.50 as market intelligence software firm's top investor cuts
stake
    ** Israeli-based co announces pricing 3.5-mln-share
secondary offering by a stockholder at $7.85 for gross proceeds
of ~$27.5 mln
    ** Offering price represents 18% discount to stock's last
close
    ** The seller is board director Joshua Alliance, who
currently owns 12.91 mln shares or ~16% stake, per the SEC
prospectus filing
    ** Next biggest Similarweb investors are Viola Ventures and
Naspers Ltd, both with ~11% stakes, per LSEG data
    ** Co has ~80.9 mln shares outstanding for ~$774 mln market
cap, and ~58.3 mln shares of public float
    ** Goldman Sachs and Barclays jt bookrunners for offering
    ** Through Thurs, SMWB up nearly 80% YTD
    ** Similarweb went public in 2021 IPO priced at $22

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))