Similarweb completes NYSE IPO, at $1.6b valuation
Israeli web behavior and traffic analytics company Similarweb has successfully completed its Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), at $22 per share, above the pricing range of $19-21, Trend reports with reference to Globes.
In the IPO, the Tel Aviv-based company raised $165 million, which could rise by another $24.8 million, if the underwriters exercise their options to buy additional shares within the next 30 days. The company's valuation is $1.6 billion and could rise to $1.7 billion if the underwriters exercise their options.
J.P. Morgan and Citigroup acted as lead book-running managers for the offering, with Barclays and Jefferies acting as joint book-running managers. JMP Securities, Oppenheimer & Co. and William Blair acted as co-managers for the offering.
Similarweb cofounder and CEO Or Offer has sold 500,000 shares for $11 million, still leaving him with a 7.5% stake worth $125 million. Other shareholders also sold stakes including Anglo-Peacock Nominees, which sold shares for $284 million, Viola Growth, which sold shares for $280 million, ION Crossover Partners, which sold shares for $127 million, and tech investr Yossi Vardi, who sold shares for $87 million.
The Tel Aviv based company, which was founded in 2007, has developed a platform for understanding online behavior by monitoring traffic on the web and mobile apps, and which is used by millions of people for digital insights, including more than half of the Fortune 500 companies. The company had raised $240 million to date.
Revenue grew 33% over the 12 months ending March 31 to $107 million. Revenue in 2020 was $93.5 million with a net loss of $22 million.