Project Management Startup Monday.com Seeks $6 Billion Valuation in US IPO
Monday.com announced today it is aiming for an enterprise valuation of over $6 billion in its U.S. initial public offering (IPO), according to the company’s regulatory filing on Tuesday.
The Israel-based project management tool developer is looking to sell 3.7 million shares in the offering, priced in the range between $125 and $140 per share, and expects to raise roughly $518 million.
The Sapphire Ventures-backed company already agreed to sell $75 million of its shares to Salesforce’s investment branch and Zoom Video Communications, through a private placement.
Following its latest funding round, monday.com hit a valuation of $2.7 billion, according to a Bloomberg News report in May 2020.
Monday.com was founded in 2014 by Roy Mann and Eran Zinman. The company developed a project management tool used for tracking tasks, projecting sales, and overall improvement of management and communication.
Lead underwriters for the IPO are Goldman Sachs, J.P. Morgan, Allen & Co, and Jefferies. The company will debut on Nasdaq under the ticked symbol “MNDY”.
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