SurveyMonkey, a US-based online survey management platform backed by corporates Alphabet and Salesforce, closed its initial public offering at $207m on Friday after the underwriters took up the greenshoe option.
The company priced 15 million shares at $12.00 each last week to raise an initial $180m when it floated on the Nasdaq Global Select Market. The underwriters bought another 1.75 million shares on Friday and the company’s shares closed at $16.03 the same day.
SurveyMonkey has created a software platform that enables users to design, make and distribute their own online surveys, and to analyse the results.
In addition to the IPO, customer relationship management software provider Salesforce agreed to invest $40m in SurveyMonkey through a private placement. Salesforce is an existing backer but has not revealed when it invested in the company.
SurveyMonkey had been acquired by private equity firm Spectrum Equity in 2009 and spun out four years later with $444m in an equity round featuring internet technology provider and Alphabet subsidiary Google, and $350m in debt financing.
Tiger Global Management, Iconiq Capital, Social Capital, Laurel Crown Partners and SurveyMonkey CEO David Goldberg also backed the equity portion of that round.
Another Alphabet subsidiary, CapitalG, joined the rest of the 2013 investors as well as Ryan and Chris Finley and institutional funds and accounts managed by T. Rowe Price, Morgan Stanley Investment Management and Baillie Gifford for a $250m round in 2014.
JP Morgan Securities, Allen & Company and BofA Merrill Lynch were lead book-running managers for the IPO, Credit Suisse Securities (USA), UBS Securities and Wells Fargo Securities were book-running managers and SunTrust Robinson Humphrey, Code Advisors, Foros, JMP Securities and LionTree Advisors were co-managers.
