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Shares of SVMK Inc., the parent company of
SurveyMonkey
,
SVMK 43.67%
skyrocketed on their first day of trading on Wednesday, signaling investors' growing appetite for software service platforms and new public technology companies.
The stock, listed on the Nasdaq under the symbol SVMK, closed Wednesday at $ 17.24, an increase of 44% over the original price of $ 12, already above the range established by the company. potential investors.
On Tuesday, SurveyMonkey's IP investigation, led by JPMorgan Chase & Co., Allen & Co. and Bank of America Corp., sold 15 million shares, generating $ 180 million in proceeds.
SurveyMonkey is the latest in a series of technology companies that have recently entered the market. Investors have been looking for strong growth in these companies, pushing up their IPO prices and then trading their shares on the first trading day. Recently, Eventbrite Inc. and the online luxury digital market Farfetch Ltd. have made significant progress in their public debut.
According to Dealogic data, IPO listings of US publicly traded companies increased by an average of 49.8% this year compared to IPO prices, far outpacing general market gains. The IPOs listed in the United States are up 26% on average, show data from Dealogic.
The IPO "is a huge marketing event," SVMK CEO Zander Lurie said on Wednesday. "If you feel that your team has the rigor and responsibility to meet those expectations, then it's a good opportunity to present it."
In advance of the offer, the venture arm of
Salesforce.com
Inc.
indicated that it would also invest at the company's IPO, which would represent an investment of approximately $ 40 million. Lurie said investors "have been reassured" by Salesforce's investment. "Really smart investors like to be surrounded by other people who are diligent. I do not think anyone does a better job of product diligence than a company like Salesforce. "
SVMK, a San Mateo, California-based company founded in 1999, is a software-service platform that allows individuals and organizations to easily create their own online surveys. It is a group of companies that has existed for more than ten years to exploit the IPO market.
Mr. Lurie noted that none of the existing shareholders of the company sells shares as part of the IPO, which demonstrates his interest in the future of the company.
In 2017, SurveyMonkey achieved a turnover of $ 218.8 million, up from $ 207.3 million the previous year. The average income per user reached $ 362, against $ 349 in 2016. For the first six months of the year, this figure was $ 400 against $ 351 for the same period last year.
Write to Maureen Farrell at [email protected] and Kimberly Chin at [email protected]
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