monday.com ends first day of trading up 15% after hitting Nasdaq at $6.8 billion valuation
The work operating system completed the highest valued IPO in Israeli history on Thursday, raising $574 million
The biggest IPO by an Israeli company to date was completed by Mobileye in 2014 when it went public at a valuation of $5.3 billion. Mobileye was acquired by Intel three years later for $15 billion. ironSource and eToro were both recently valued higher than monday.com, but their public offerings will be completed via SPAC mergers and they have yet to have been finalized.
The Tel-Aviv-based company 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. It was founded in 2012 and is led by Co-Chief Executive Officers Roy Mann and Eran Zinman.
"We went public because we at the right place to do so considering our revenue and the timing of the market was good," Zinman and Mann told Calcalist. "This isn't the end of something but rather the beginning. We want to be a big company."
monday.com was valued at $2.7 billion after its last funding round, Bloomberg News reported in May last year.
Goldman Sachs, J.P. Morgan, Allen & Co., and Jefferies are among the underwriters for monday.com’s IPO. It will list on Nasdaq under the symbol “MNDY”.
The company’s revenue rose 85% to $59 million in the three months ending March 31, its filing showed. Net loss, however, widened to $39 million from $19.9 million in the same period.
|monday.com management. Photo: Nethaniel Tobias||צילום: נתנאל טוביאס|