In 1 Of Largest Listings For Israeli Firm, Monday.com Completes IPO At $7.5B Valuation

By NoCamels Team June 10, 2021 2 minutes

Monday.com founders Roy Mann, and Eran Zinman. Photo: Netanel Tobias

NOTE: This article was amended on June 10, 2021 to reflect Thursday’s activity at over $170 per share and an updated valuation for monday.com.

Israeli project management firm monday.com completed its Nasdaq IPO on Thursday, raising $574 million at a valuation of $7.5 billion, making it one of the largest listings for an Israeli tech company.

The company set a price of $155 per share of 3,700,000 ordinary shares, above the range of $125-140 that it had targeted last week. On Thursday, shares opened at $173.15 and traded as high as $182 apiece, Bloomberg reported, giving monday.com a market value of $7.5 billion.

Monday.com is trading under the ticker symbol MNDY and the offering is expected to close on June 14.

In addition, Salesforce’s venture arm and Zoom each agreed to purchase $75 million of the company’s shares in a private placement at IPO price, according to monday.com’s filings.

Founded in 2012 by Roy Mann and Eran Zinman, monday.com created a fully customizable team management platform that offers project management, HR forecasting, marketing planning, event coordination, and task tracking tools. The company says it currently has 120,000 customers across over 200 industries in more than 190 countries. Major clients include Carlsberg, the Discovery Channel, Glossier, Phillips, and Hulu.

Monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Kiev and Sydney, and has raised over $200 million from investors including Silicon Valley-based venture capital firm Sapphire Ventures, US-based alternative investment management firm Hamilton Lane, Israeli-based Vintage Investment Partners, and New York-based venture capital firm Insight Partners, the company’s largest shareholder.

Sign up for our free weekly newsletter

The company was valued at $2.7 billion after its last funding round in 2019, according to Bloomberg.

In a letter from the founders, Mann and Zinman wrote that the company’s mission was “to give our customers the power to create their own work software. To do that, we revolutionized the way people use software, giving them the same abilities once reserved for software creators and designers.”

“Monday.com’s strong IPO pricing illustrates appetite for online workplace management software tools remains robust as a consequence of pandemic-induced growth, as employers and employees have had to contend with various challenges presented by the pandemic,” said PitchBook EMEA VC analyst Nalin Patel in an emailed statement to NoCamels.

Patel said that the planned private placements by Zoom and Salesforce indicate “that the long-term growth prospects and integration possibilities of online remote working tools that can be used inside and outside the office will continue to be popular as offices and economies re-open.”

“The IPO is one of the largest listings of an Israel-based tech company, and we continue to see greater quantities of highly valued tech businesses emerge from the country, attract capital, and go on to have a substantial exit as the Israeli VC ecosystem has developed strongly in the last decade,” added Patel.