US-based online survey platform SurveyMonkey filed for a $100m initial public offering on the Nasdaq Global Select Market yesterday that will offer an exit for internet and technology group Alphabet.
SurveyMonkey had confidentially filed for an initial public offering in June this year.
Founded in 1999, SurveyMonkey runs a cloud-based platform for users to create online surveys and generate insights through data analytics tools. The company was acquired by private equity firm Spectrum Equity in 2009 but spun back out in 2013.
SurveyMonkey last raised capital in 2014, securing $250m from investors including CapitalG, the growth-stage investment arm of Alphabet, and achieving a valuation of $2bn.
Tiger Global Management, T. Rowe Price, Iconiq Capital, Social Capital, Laurel Crown Partners, Morgan Stanley Investment Management, Baillie Gifford, then chief executive Dave Goldberg and private investors Ryan and Chris Finley also participated in the 2014 round.
CapitalG, Tiger Global and Goldberg had already taken part in the $444m equity portion of an $800m round that included debt financing in 2013.
Salesforce Ventures, the corporate venturing unit of customer relationship management software provider Salesforce, is a shareholder in SurveyMonkey, though it has not revealed when it backed the company.
Proceeds from the initial public offering will enable SurveyMonkey to partially repay its debt, pay certain income tax and support general corporate purposes, potential investments and acquisitions.
Tiger Global is the company’s largest external shareholder with a 29.3% stake, while Sheryl K. Sandberg Revocable Trust, a vehicle for Goldberg’s widow Sheryl Sandberg, owns 9.9% and founder Ryan Finley holds 8.6%. Spectrum Equity retains an 8.4% stake.
JP Morgan Securities is the bookrunning manager for the proposed offering and is joined by underwriters Allen & Company, Credit Suisse Securities (USA), UBS Securities, Wells Fargo Securities, SunTrust Robinson Humphrey, Code Advisors, Foros Securities, JMP Securities and LionTree Advisors.