SurveyMonkey Enters the Market With a Bang

By Chris Lange Updated Jan 11, 5:17PM EST · Published Sep 26, 11:55AM EDT

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SurveyMonkey Enters the Market With a Bang — © designer491 / iStock

SVMK Inc. (NASDAQ: SVMK), or SurveyMonkey, entered the market with a bang on Wednesday. Shares opened trading at $18.75, well above the pricing of $12 apiece. The company originally expected to price its 15 million shares in the range of $9 to $11, with an overallotment option for an additional 2.25 million shares. At this price, the entire offering was valued up to $207 million.

The underwriters for the offering are JPMorgan, Allen, Merrill Lynch, Credit Suisse, UBS Investment Bank, Wells Fargo, SunTrust Robinson Humphrey, CODE Advisors, Foros, JMP Securities and LionTree.

This company is a leading global provider of survey software products that enable organizations to engage with their key constituents, including their customers, employees and the markets they serve. SurveyMonkey changed the way people gather feedback by making it easy for anyone to create their own online surveys.

Its People Powered Data platform enables conversations at scale to deliver impactful customer, employee and market insights to over 16 million active users globally. The firm’s widely adopted cloud-based SaaS platform helps individuals and organizations design and distribute surveys that generate an average of more than 20 million answered questions daily across more than 190 countries and territories.

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SurveyMonkey described its finances in the filing as follows:

For 2016 and 2017, and for the six months ended June 30, 2017 and 2018, our revenue was $207.3 million, $218.8 million, $106.5 million and $121.2 million, respectively. For 2016 and 2017, our core revenue was $192.1 million and $214.0 million, respectively, representing year-over-year growth of 11.4%, and for the six months ended June 30, 2017 and 2018, our core revenue was $102.1 million and $121.2 million, respectively, representing period-over-period growth of 18.7%.

The company intends to use the net proceeds from the offering to pay down its indebtedness, with the remainder going toward working capital and general corporate purposes.

Shares of SurveyMonkey were last seen up 60% at $19.15, with a range of $18.35 to $20.00 on the day thus far.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.