SurveyMonkey Makes Impressive Debut On Wall Street (NASDAQ:SVMK)

SurveyMonkey Makes Impressive Debut On Wall Street (NASDAQ:SVMK)

SurveyMonkey's initial public offering was priced above the expected range at $12 per share on Tuesday, giving the USA online survey company a market capitalization of $1.46 billion.

The company originally sought a $9 to $11 share price, but decided on $12, due to high investor demand. According to CNBC, Salesforce Ventures will purchase $40 million of stock, in addition to investments from Tiger Management and others. At this price, the entire offering was valued up to $207 million.

The popular online survey development company conducts over 20 million surveys to 8 million users per day.

The San Mateo, California-based company, which has around 600,000 paying users, will debut on Wednesday on the Nasdaq under the ticker symbol "SVMK", the company said.

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"At the IPO price, and including the Salesforce Ventures sale but not the potential greenshoe, SVMK would pull in $220 million at a valuation of about $1.5 billion", reported MarketWatch. He pointed to its "long history of robust cash flow", which hit $45 million a year ago, and 600,000 paying subscribers.

The company experienced a net loss of $27.2 million in the first six months of 2018, up from $19.1 million during the same period in 2017.

Sandberg, the chief operating officer of Facebook, pledged earlier this year to donate the proceeds from the IPO of SurveyMonkey's parent company, SVMK.

The underwriters for the offering are JPMorgan, Allen, Merrill Lynch, Credit Suisse, UBS Investment Bank, Wells Fargo, SunTrust Robinson Humphrey, CODE Advisors, Foros, JMP Securities and LionTree.

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