monday.com, which provides a project management platform for businesses and schools, announced terms for its IPO on Tuesday.
The Tel Aviv, Israel-based company plans to raise $490 million by offering 3.7 million shares at a price range of $125 to $140. The company plans to raise an additional $150 million in concurrent private placements to Salesforce Ventures and Zoom Video. At the midpoint of the proposed range, monday.com would command a fully diluted market value of $6.8 billion.
monday.com allows organizations to easily build software applications and work management tools that fit their needs. Its cloud-based platform is a no-code and low-code framework that consists of simple yet powerful modular building blocks. As of March 31, 2021, the company served nearly 128,000 customers across over 200 industries in more than 190 countries.
monday.com was founded in 2012 and booked $188 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol MNDY. Goldman Sachs, J.P. Morgan, Allen & Company, and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of June 7, 2021.
