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Freelance marketplace Fiverr had a good first day on the New York Stock Exchange.
The company priced its IPO at $ 21 a share last night, generating about $ 111 million. He then began trading this morning at $ 26, climbing for most of the day and closing at $ 39.90 – up 90% from the IPO price.
Fiverr is one of the best-known companies facilitating the so-called show economy. When it went public last month, the company announced it had facilitated 50 million transactions between 5.5 million buyers and 830,000 freelancers.
Investors seem willing to bet on the company despite the fact that it is losing money, reporting a net loss of $ 36.1 million on revenue of $ 75.5 million in 2018. In an interview this afternoon, founder and CEO Micha Kaufman noted that the company's negative EBITDA was shrinking (at least when you compare the first quarter of 2019 to the first quarter of 2018).
"We are on the road to profitability," said Kaufman. "It's the balance we're trying to maintain: focus on growth while building a profitable business in the long run."
We will have a full story in our interview tomorrow morning.
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