Israeli fintech startup Global-e Online Ltd held a successful IPO on the NASDAQ yesterday, Thursday, coming away with a $3.55 billion valuation. This is what the company expected when it first announced the date for the initial public offering. Global-e sold 15,000,000 of its ordinary shares at a price of $24.25 per share. The company brought in $375 million.
Global-e has granted the underwriters a 30-day option to purchase up to 2,250,000 additional ordinary shares at the initial public offering price, less underwriting discounts and commissions. The shares are are trading on the Nasdaq Global Select Market under the ticker symbol “GLBE,” and the offering is expected to close on May 14, 2021, subject to customary closing conditions.
According to Globes, the share price rose by 2% during trading.
This is the third multi-billion IPO for an Israeli company in New York this year, and the second just this week. In January, Playtika, an Israeli mobile gaming company, reached an $11 billion valuation with a NASDAQ IPO. The other day Similarweb Ltd., an Israeli provider of digital intelligence solutions, held a NYSE IPO which left it with a $1.6 billion valuation.
Global-e is a provider of cross-border ecommerce solutions, with a proven track record of successfully enabling hundreds of leading retailers and brands across Europe, the USA and Asia, to boost their global online sales and revenues. Its Smart Cross-Border solutions helps merchants increase international conversion rates, returning customers share and customer satisfaction scores by offering shoppers in over 200 destinations worldwide an optimal shopping experience that is localized and customized per market.
Smart Cross-Border solutions support 100+ currencies, 150+ local and alternative payment methods, multi-lingual checkout, guaranteed duty and tax calculation with a pre-payment option for a guaranteed landed cost, as well as multiple shipping options at unbeatable rates and pre-paid and local returns.
Fintech refers to new technologies which automate the delivery and use of financial services. Fintech helps companies, business owners and consumers better manage their financial operations, processes, and lives through new specialized software and algorithms which consumers and businesses alike can use on their mobile devices and home computers.
Global-e’ boasts that its end-to-end solutions cover all aspects of cross-border ecommerce, including fraud and currency fluctuation hazards, duty and tax regulations as well as country restrictions and import processing, for a simplified, risk free and streamlined global expansion.
“We believe that our solution creates unique benefits for shoppers while at the same time serving the end-to-end needs of the merchants”
Since launching its platform in 2013, its business has experienced rapid growth. The company’s GMV amounted to $211 million, $382 million and $774 million in the years ended December 31, 2018, 2019 and 2020, respectively, representing an increase of 81% and 103% in the years ended December 31, 2019 and 2020, respectively.