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Similarweb stock makes NYSE debut in latest tech IPO: Here’s what to know

In a year punctuated by direct listings and SPACS, Similarweb has opted for the traditional IPO route. It will trade on the New York Stock Exchange.

Similarweb stock makes NYSE debut in latest tech IPO: Here’s what to know
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Data analytics firm Similarweb will make its debut as a publicly traded company today in what it hopes will become the latest tech-focused float to win over investors.

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The Tel Aviv-based company has priced its shares at $22.00 and will trade on the New York Stock Exchange. Trading is expected to begin Wednesday under the ticker symbol SMWB.

In a year punctuated by direct listings and SPACS, Similarweb has opted for the traditional IPO route, with J.P. Morgan, Citigroup, Barclays, and Jefferies acting as joint book-running managers, and JMP Securities, Oppenheimer & Co., and William Blair acting as co-managers for the offering.

Eleven-year-old Similarweb offers data analytics, web statistics, and various types of market research to businesses. While it’s not a household name among everyday consumers, the company counts many retailers and large tech and financial firms as its customers, and said it had more than 2,700 paid subscribers as of December 2020. It also offers a suite of free services with the aim of attracting new customers and converting them into paid users.

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In a recent filing with the Securities and Exchange Commission, Similarweb said it generated $93 million last year, compared to $71 million the year before and $52 million in 2018. It had a net loss of $22 million for the twelve months ended December 2020.

About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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