The wave of Israel flotations on Wall Street continues, with Monday.com the latest company to file a prospectus in advance of an IPO, Trend reports with reference to Globes.
The company, developer of a system for managing work processes and projects in enterprises, has yet to announce what valuation it seeks. The amount to be raised stated for the purposes of the prospectus is $100 million. This is likely to be increased later. According to data from IVC, Monday.com has raised some $233 million since it was founded. The latest raise took place two years ago, at a valuation of $1.9 billion. A secondary deal (sale of existing shares) took place last year at a valuation of $2.7 billion. In an interview with "Globes". Monday.com's founders said that the investors "believe that the company can go for a $10 billion flotation." Roy Mann and Eran Zinman are the founders of the company and its joint CEOs.
The underwriters in the flotation are Goldman Sachs, JP Morgan, Allen & Company, Jefferies, William Blair, Piper Sandler, Oppenheimer, Canaccord, Cowen, and Needham. Monday.com will make its IPO on Nasdaq and will be traded under the ticker MNDY.
In 2020, Monday.com's revenue grew to $161 million from $78.1 million in 2019, and it made an operating loss of $151 million. The company's net loss widened from $91.6 million in 2019 to $152 million last year.
Prominent shareholders in Monday.com are Insight Partners (42.7%), Stripes (7.8%), and Avi Eyal's Sonnipe Ltd. (12.4%). Eyal, founder of Entrée Capital, also holds 1.9% of the shares privately. Avishai Avrahami, founder and CEO of Wix, holds 4% of the shares in Monday.com and is a director of the company.
Last week, two Israeli technology companies were floated in New York: online trading company Global-E and web behavior and traffic analytics company Similarweb.