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Similarweb Completes $1.6 Billion IPO

It had expected a $2 billion valuation.

SimilarWeb CEO and founder Or Offer

Similarweb Ltd., an Israeli provider of digital intelligence solutions, has completed its initial public offering on the New York Stock Exchange, according to a report in Globes. The company came away with a $1.6 billion valuation. This might be seen as a disappointment as less than a month ago Similarweb was hoping for a $2 billion valuation from the IPO.

It raised a total of $165 million, which could increase by an additional $24.8 million, if the underwriters exercise their options to buy additional shares within the next 30 days. This would raise the company’s valuation to $1.7 billion.

Similarweb now trades under the ticker symbol “SMWB.”

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According to Globes, Or Ofer, the company’s CEO, sold 500,000 shares for $11 million. He still holds a 7.5% stake in Similarweb worth $125 million. Other shareholders also sold stakes including Anglo-Peacock Nominees, which sold shares for $284 million, Viola Growth, which sold shares for $280 million, ION Crossover Partners, which sold shares for $127 million, and tech investor Yossi Vardi, who sold shares for $87 million.

The company released its pricing for the IPO just after midnight in New York this morning. It offered an aggregate of 8,000,000 ordinary shares at a price to the public of $22.00 per share. Similarweb also offered 7,500,000 ordinary shares and the selling shareholder named in the prospectus is offering 500,000 ordinary shares. In addition, Similarweb granted the underwriters a 30-day option to purchase up to an additional 1,125,000 ordinary shares at the initial public offering price, less underwriting discounts and commissions.

Founded in 2007 by CEO Or Offer and Nir Cohen, Similarweb declares its mission to be to deliver the “most trusted, comprehensive, and detailed view of the digital world, so our customers can outperform their competition and win their markets.” The company has raised $240 million to date including $120 million in new funding last October.

The company recently declared itself to be a new Similarweb. They updated their logo, typeface, colors, and imagery with photography and some “really cool illustrations.” The company also transformed from SimilarWeb to Similarweb. It is not clear, though, how changing from a capital “W” to a lower case one makes much of a difference.

This is the second multi-billion IPO for an Israeli company in New York this year. In January, Playtika, an Israeli mobile gaming company, reached an $11 billion valuation with a NASDAQ IPO.



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