“Star-Studded” Online Polling Firm SurveyMonkey Files for IPO
SurveyMonkey, an online-polling company, filed for a U.S. initial public offering on Wednesday this week under its official name Svmk, Inc., claiming that it has over half a million paying customers. The initial offering size is $100 million, but typically the placeholder amount will most likely change.
The company plans to use the proceeds to pay down income tax obligations that are related to a restricted stock unit settlement, technological investment, and for working capital and general purposes.
The San Mateo, California-based company, is reported to have boasted more than 16 million users in the past year with over 600,000 of its total users paying for its services.
In the first half of 2018, SurveyMonkey’s net loss increased to $27.2 million compared from $19.1 million of the same period last year. The net loss total of 2017 was $24 million on revenue of $218.8 million. 2016 showed a net loss of $76.4 million on $207.3 million.
The largest stakeholder in the company, Tiger Global Management LLC holds 29 percent of the stock prior to the IPO. 10 percent stake is held by The Sheryl K. Sandberg Revocable Trust.
SurveyMonkey enjoys and interesting “star-studded” board that is both obvious & puzzling in some circumstances. Facebook’s CEO Sheryl Sandberg sits on the company’s board, and her late husband, David Goldberg, was the CEO of the company. Serena Williams, a tennis champion, and Intuit Inc. CEO Brad Smith both joined the board in 2017. SurveyMonkey has applied to list on the Nasdaq Global Select Marker under SVMK, and JPMorgan Chase & Co. and Bank of America Corp. are leading the offering.