SurveyMonkey IPO is bigger than expected
SVMK Inc. , the parent company of SurveyMonkey, will sell more shares than expected at a higher price than originally targeted in its initial public offering. The company said that it plans to sell at least 15 million shares at a price of $12 a share, after targeting a sale of 13.5 million shares at a price of $9 to $11 a share. SurveyMonkey also planned to sell $40 million in stock to the venture-capital arm of Salesforce.com Inc. , and there are 2.25 million more shares available to underwriters. At the IPO price, and including the Salesforce Ventures sale but not the potential greenshoe, SVMK would pull in $220 million at a valuation of about $1.5 billion. Shares are expected to begin trading Wednesday morning on the Nasdaq exchange, under the ticker symbol SVMK.
Source : MTV
