NYSE IPO Completed by Similarweb at a valuation of $1.6b2 min read
An Israel-based traffic analytics and web behavior company, Similarweb, recently finished it’s Initial Public Offering (IPO) with flying colors. Each share was reported to be at a value of $22, more than the pricing range set between $19 and $21, at the New York Stock Exchange (NYSE).
The Tel Aviv based corporation raised a total of $165 million in the IPO. It has been said that the number could go up by an additional $24.8 million, given that the underwriters decide to exercise their opportunity to buy up more shares in the upcoming 30 days. As of now, the valuation of the company is standing at $1.6 billion and is likely to go up to $1.7 billion should the underwriter’s cash in on their options.
Citigroup and J.P Morgan took control of the book-running process and became managers at the time of the offering. Jefferies and Barclays, on the other hand, took control as joint book-running managers. The co-managers, in charge of the offering were William Blair, JMP Securities, and Oppenheimer & Co.
The CEO and Cofounder of Similarweb, Or Offer, decided to sell off 500,000 shares valued at a total figure of $11 million. Even after he sold this many shares, he is left with a 7.5% stake in the company, valued at $125 million.
Various other shareholders sold off stakes. This included Viola Growth that made sales of shares for a total of $280 million. In addition, $284 million was earned by Anglo-Peacock Nominees for their shares sold. ION Crossover Partners, on the other hand, was able to make $127 million for the shares that it sold and Yossi Vardi, tech investor, raised $87 million.
Similarweb, a web behavior, and traffic analytics company, was founded back in the year 2007. It has created a platform, which helps understand the behavior online through the monitoring of traffic on the world wide web, as well as mobile apps. The data collected is then used by millions of relevant people for the purpose of digital insights. Over half of the Fortune 500 companies across the globe utilize this data for various purposes. Thus, the company had raised $240 million before it made its first IPO.
Revenue went up by 33% in the past 12 months, which ended on the 31st of March at a total figure of $107 million. Revenue in the year 2020 was $93.5 million and had recorded $22 million as its net loss.
Meanwhile, Cisco Systems Inc. recently announced that it has purchased Sedona Systems, Israeli automation, and a 5G network intelligence company. Though no financial details were revealed to the public, sources stated that a rough estimate of the deal stands at $100 million, which will be paid to the owners of Sedona Systems.
Soon after Sedona is completely acquired, all of its 43 employees working in Tel Aviv are expected to join hands with Cisco. All of the Israeli company’s employees and managers will be jumping on board with the US tech giant, indefinitely.