Tech IPO Hot Streak Continues: SurveyMonkey (SVMK) Jumps 44% in Nasdaq Debut

Ed and Eddie / Flickr
Voyager
Voyager

Wall Street continues to place value on high-flying tech IPOs as shares of the parent company of SurveyMoney, SVMK Inc. (SVMK), a leading global provider of survey software products, surged 44% in its trading debut on the Nasdaq Wednesday.

SVMK opened 56% above the initial public offering price of $12 and closed out the day at $17.24. Shares exchanged hands as high as $20.00 in mid-day trading.

SurveyMonkey reported via August IPO filings a $27.18 million net loss on $121.2 million in revenue for the first half of 2018.

In an interview on CNBC’s Squawk Box¬†earlier Wednesday, SurveyMonkey CEO Zander Lurie revealed that the company handles more than 20 million answers from over 3 million people every day. He also noted that a major focus of the company is consumer privacy.

SurveyMonkey’s successful public market debut comes just weeks after event management startup¬†Eventbrite¬†(EB) traded¬†50% above the IPO price. These two IPOs join are just the latest in a trend of¬†hot tech IPOs in 2018.

More: SurveyMonkey Announces Pricing of Initial Public Offering
Photo: Ed and Eddie / Flickr

 
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts