Monday.com, the US-based software development platform operator that now counts enterprise software producer Salesforce and video communication software provider Zoom as investors, closed its initial public offering at $631m yesterday.
The corporates each purchased $75m of shares in a private placement alongside the offering, which involved Monday issuing an initial 3.7 million shares on the Nasdaq Global Select Market last week priced at $155.00 each.
The underwriters subsequently took up the option to buy another 370,000 shares to close the offering. The company’s shares closed at $205.04 yesterday giving it a market capitalisation of $9bn.
Spun off by Wix in 2012, Monday provides software which helps businesses create their own applications and work management tools. It more than doubled revenue from $78.1m in 2019 to $161m last year, though its net loss increased from $91.6m to $152m during that period.
Genesis Partners, Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, Vintage Investment Partners, Stripes Insight Partners and Entrée Capital had provided $193m in funding for the company between 2016 and mid-2019.
Insight Partners has a 37.8% stake now the offering has closed, while a vehicle called Sonnipe has 10.9% and Stripes 6.9%.
The lead book-running managers for the IPO were Goldman Sachs and JP Morgan, while Allen & Company and Jefferies were joint book-running managers and William Blair, Piper Sandler, Oppenheimer, Canaccord Genuity, Cowen, Needham & Company, Academy Securities, Loop Capital Markets, Ramirez, Siebert Williams Shank and Tigress Financial Partners co-managers.
