By Sohini Podder
(Reuters) -Shares of monday.com Ltd jumped nearly 12% in their Nasdaq debut on Thursday, giving the Israeli work management company a market capitalization of about $7.6 billion.
Shares of the company opened at $173.15, compared with their initial public offering (IPO) price of $155 per share.
Tel Aviv-based Monday.com sold 3.7 million shares in its IPO, raising about $574 million.
Launched in 2014, the company operates a cloud-based platform known as Work OS that allows organizations to build software, applications and work management tools based on their needs.
“In the beginning, we had a vision of building something that gives people the power to build their own software and allows them to do things on their own, kind of like what we did as developers,” co-Chief Executive Officer Roy Mann told Reuters in an interview.
Monday.com is present in more than 190 countries and has over 125,000 customers, including the likes of Adobe Inc, Peloton Interactive Inc, Universal Music Group and Discovery.
The company sees a massive opportunity in using its inside and outside resources to go after the market and does not see any reason to pursue any acquisitions post going public.
“Our plan is to grow organically for a long time,” Mann said.
Monday.com counts venture capital firm Insight Partners and asset manager Hamilton Lane among its existing backers.
Its revenue surged 85% to $59 million in the three months ended March 31, from a year earlier, according to a regulatory filing. Net loss, however, widened to $39 million from $19.9 million.
Goldman Sachs, J.P. Morgan, Allen & Co and Jefferies were among the underwriters of the offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)
