The wave of Israel flotations on Wall Street continues, with monday.com the latest company to file a prospectus in advance of an IPO. The company, which has developed a work operating system (Work OS), where organizations of any size can create the tools and processes they need to manage every aspect of their work, has yet to announce what valuation it seeks. The amount to be raised stated for the purposes of the prospectus is $100 million. This is likely to be increased later. According to data from IVC, monday.com has raised some $233 million since it was founded. The latest raise took place two years ago, at a valuation of $1.9 billion. A secondary deal (sale of existing shares) took place last year at a valuation of $2.7 billion. In an interview with "Globes". monday.com's founders said that the investors "believe that the company can go for a $10 billion flotation." Roy Mann and Eran Zinman are the founders of the company and its joint CEOs.
The underwriters in the flotation are Goldman Sachs, JP Morgan, Allen & Company, Jefferies, William Blair, Piper Sandler, Oppenheimer, Canaccord, Cowen, and Needham. Monday.com will make its IPO on Nasdaq and will be traded under the ticker MNDY.
In 2020, monday.com's revenue grew to $161 million from $78.1 million in 2019, and it made an operating loss of $151 million. The company's net loss widened from $91.6 million in 2019 to $152 million last year.
Prominent shareholders in monday.com are Insight Partners (42.7%), Stripes (7.8%), and Avi Eyal's Sonnipe Ltd. (12.4%). Eyal, founder of Entrée Capital, also holds 1.9% of the shares privately. Avishai Avrahami, founder and CEO of Wix, holds 4% of the shares in Monday.com and is a director of the company.
Last week, two Israeli technology companies were floated in New York: online trading company Global-E and web behavior and traffic analytics company Similarweb.
Published by Globes, Israel business news - en.globes.co.il - on May 18, 2021
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