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| SuerveyMonkey raised $180 million in an upsized initial public offering on Tuesday, selling 15 million shares at $12 per share |
By Daniel Uria, UPI
SurveyMonkey's stock priced above the marketed price range as it raised $180 million in its initial public offering Tuesday.
The online polling company upsized its IPO to sell 15 million shares at $12 per share, higher than the opening it initially planned at 13.5 million shares between $9 and $11, CNBC reported.
Salesforce Ventures had previously agreed to purchase $40 million worth of stock in a private placement at a price equal to the IPO price.
SurveyMonkey's IPO filing stated it had 16 million active users in the past year, 3.8 percent of which were paying users, Bloomberg reported.
The company's filing stated it relied on paying users finding the polling tools through its website and online searches, and that it expects to continue growing through word-of-mouth from its existing customers and having existing users pay more.
SurveyMonkey plans to use the proceeds from its IPO to pay off portions of its debt and meet income tax obligations in addition to using it as capital and to invest in technology.
The company experienced a net loss of $27.2 million in the first six months of 2018, up from $19.1 million during the same period in 2017.
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