The share price of an Israeli company for a working operating system monday.com (Nasdaq: MNDY) ended its first day of trading on Wall Street by 15.4% to $ 178.87, giving a market capitalization of $ 7.85 billion.
On Wednesday, monday.com issued 3.7 million new shares, raising $ 574 million, which could rise by an additional $ 57.4 million if guarantors use their opportunities within 30 days to buy 370,000 shares at an IPO price. This makes monday.com the largest IPO of a company based in Israel so far and with a larger Israeli ownership (Playtike’s IPO was higher in January, but the gaming company is owned by Chinese investors).
RELATED ARTICLES
Simultaneously with the IPO, Salesforce Ventures and Zoom Video Communications each bought $ 75 million in private placement.
In the latest round of financing that monday.com ended in 2019, the company’s valuation was $ 1.9 billion, up from $ 2.7 billion last year when existing shareholders Monday.com sold shares in the secondary business.
monday.com, founded in 2012 by co-executives Roy Mann and Eran Zinman, has 800 employees and is headquartered in Tel Aviv. monday.com has developed a Work Operating System (Work OS), where organizations of any size can create the tools and processes needed to manage all aspects of their work.
After IPO Zinman said for “Globes”, we believe that this is just the beginning and we are operating in a very fertile territory. We are just at the beginning of the trend and we see long-term growth over many years. We certainly intend to grow very quickly and take advantage of the huge opportunities we have identified. We are proud to be an Israeli-based company, which will continue to be located in Israel and build a large company and a world leader in the category we have created – working operating systems.
“We’ve identified a huge opportunity that basically involves everyone working with a computer, about 1.2 billion computer scientists worldwide. We want to give organizations and individuals the power to make their own software so they can build and take control. Of the future management of their organization.”
Zinman and Mann point out that their employees have benefited from the IPO through the shares they hold. “This has been important to us from the beginning. Success is shared by the entire company and all our employees around the world.”
Posted by Globes, business news in Israel – en.globes.co.il – June 11, 2021
© Copyright Globes Itonut (1983) Ltd. 2021
0 Comments