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