Israel-headquartered customer data software provider Similarweb is going public today in a $176m initial public offering representing an exit for Prosus, the internet group formed by e-commerce and media company Naspers.
The company priced 8 million shares at $22.00 each, above the IPO’s $19 to $21 range, and it will float on the New York Stock Exchange later today at a valuation of nearly $1.68bn. It is issuing 7.5 million of the shares while co-founder and CEO Or Offer is selling 500,000 shares for a total of $11m.
Similarweb’s software tracks and analyses billions of digital interactions and transactions each day to discover data which can support business and commercial decisions. It increased revenue 43% year on year to $29.4m in the first three months of 2021, though its net loss almost doubled to $12.1m in the same period.
The offering follows about $240m in funding, Naspers having provided $18m in series C financing in April 2014 following $7m in earlier funding from Van Leer Group Foundation’s Docor International Management vehicle and assorted individuals.
Naspers and private investor David Alliance co-led Similarweb’s $15m series D round seven months later, before Viola Group’s Viola Growth unit joined CE Ventures and Saban Ventures to supply $47m in series E funding in 2017 at valuation later revealed to be $800m.
Viola Growth and Ion Asset Management’s Ion Crossover Partners vehicle subsequently co-led a $120m round for Similarweb in October 2020.
Prosus’s 16.7% stake, held by its Prosus Ventures vehicle, was diluted to 14.9% in the offering. The company’s other notable shareholders are private investor Joshua Jacob Moshe Alliance (17.3% post-IPO), Viola Group (17%), Ion Crossover Partners (7.7%) and Kerem Investments (5.7%).
Joint book-running managers JP Morgan, Citigroup, Barclays and Jefferies and co-managers JMP Securities, Oppenheimer and William Blair have 30 days to buy almost 1.13 million extra shares if they choose, potentially boosting the offering to over $200m.
