Similarweb, which provides a freemium platform for website traffic analytics, announced terms for its IPO on Monday.
The Tel Aviv, Israel-based company plans to raise $160 million by offering 8 million shares (6% insider) at a price range of $19 to $21. Existing shareholder ION Crossover Partners intends to purchase up to $30 million worth of shares in the offering. At the midpoint of the proposed range, Similarweb would command a fully diluted market value of $1.7 billion.
Similarweb provides digital intelligence that allows customers to identify trends, competition, and business opportunities. The company tracks and analyzes billions of digital interactions each day from millions of websites and apps that it turns into actionable insights. The company's customers include marketers, strategy teams, salespeople, analysts, and investors. As of December 31, 2020, Similarweb had 2,718 paying customers, including 9 of the top 10 technology organizations, 7 of the top 10 financial services organizations, 5 of the top 10 retail organizations, 6 of the top 10 household products organizations, and 4 of the 7 apparel organizations in the Fortune 500.
Similarweb was founded in 2009 and booked $102 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol SMWB. It had been on our Private Company Watchlist since February 2021. J.P. Morgan, Citi, Barclays and Jefferies are the joint bookrunners on the deal. It is expected to price on during the week of May 10, 2021.
