monday.com targeting over $6 billion valuation in Nasdaq IPO
Salesforce.com’s investment arm and Zoom Video Communications have each agreed to buy $75 million of the Israeli startup’s shares in a private placement
Israeli work operating system monday.com is aiming for a valuation of more than $6 billion in its U.S. initial public offering, according to a regulatory filing on Tuesday.The company, with backers including venture capital firm Sapphire Ventures and investment manager Hamilton Lane, plans to sell 3.7 million shares for $125 to $140 apiece, raising up to about $518 million. Salesforce.com’s investment arm and Zoom Video Communications have each agreed to buy $75 million of monday.com’s shares in a private placement, the company said.
The company said it employed 799 people as of the end of March, an increase of 199 from January 2019.
monday's biggest shareholder is U.S. fund Insight Partners, which holds 42.7% of its shares. Sonnipe, part of Entrée Capital, and the company's first major investor, holds a 12.4% stake. Mann has a 15.3% stake, while Zinman holds 5.6% of the shares. Wix founder and CEO Avishai Abrahami owns 4% of the company's shares.