SVMK, or SurveyMonkey, has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 13.5 million shares in the range of $9 to $11, with an overallotment option for an additional 2.025 million shares. At the maximum price, the entire offering is valued up to $170.775 million. The company intends to list its shares on the Nasdaq under the symbol SVMK.
The underwriters for the offering are JPMorgan, Allen, Merrill Lynch, Credit Suisse, UBS Investment Bank, Wells Fargo, SunTrust Robinson Humphrey, CODE Advisors, Foros, JMP Securities and LionTree.
This company is a leading global provider of survey software products that enable organizations to engage with their key constituents, including their customers, employees and the markets they serve. SurveyMonkey changed the way people gather feedback by making it easy for anyone to create their own online surveys.
Its People Powered Data platform enables conversations at scale to deliver impactful customer, employee and market insights to our over 16 million active users globally. The firm’s widely adopted cloud-based SaaS platform helps individuals and organizations design and distribute surveys that generate an average of more than 20 million answered questions daily across more than 190 countries and territories.
SurveyMonkey described its finances in the filing as follows:
For 2016 and 2017, and for the six months ended June 30, 2017 and 2018, our revenue was $207.3 million, $218.8 million, $106.5 million and $121.2 million, respectively. For 2016 and 2017, our core revenue was $192.1 million and $214.0 million, respectively, representing year-over-year growth of 11.4%, and for the six months ended June 30, 2017 and 2018, our core revenue was $102.1 million and $121.2 million, respectively, representing period-over-period growth of 18.7%.
The company intends to use the net proceeds from the offering to pay down its indebtedness, with the remainder going toward working capital and general corporate purposes.