Project management company Monday.com saw its stock close at $178.87 on Thursday, 15 percent above its initial public offering price.
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The Tel Aviv-based company, which was founded in 2012, priced its shares at $155 apiece on Wednesday night, above the range of $125 to $140 it had set. Monday.com raised about $574 million through its IPO, and its stock opened at $171.52 on Thursday.
Monday.com reported $161 million in revenue in 2020, more than double the $78 million in revenue it generated in 2019, per its F-1 filing. The company’s losses also spiked in that time period, going from $91.6 million in 2019 to $152.2 million in 2020. Monday.com has more than 127,000 total customers, including companies like Hubspot and Universal Music Group.
The company didn’t consider a direct listing or SPAC, two increasingly popular ways of going public, according to Monday.com chief financial officer Eliran Glazer. They felt they had the right type of company and investors for a traditional IPO, which will help Monday.com get to the next level, he said.
“We are getting to the point where we want to progress and expand our footprint globally, it was the right timing,” Glazer said.
Next, the company wants to expand into additional verticals such as customer relationship management, human resources, and marketing, Glazer said.
Monday.com is backed by investors including Insight Partners and Sapphire Ventures and has raised at least $234 million in funding, per Crunchbase.
Illustration: Li-Anne Dias
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