Kaltura, an Israeli startup which provides live and on-demand video SaaS solutions, has finally held its NASDAQ IPO on Wednesday, coming away with a valuation of $1.24 billion. The company raised $150 million from the IPO. Kaltura offered 15,000,000 shares of its common stock at a price to the public of $10 per share under the symbol “KLTR.”
The multi-billion exits for Starup Nation companies just keep on coming and coming. This month alone, Riskified, Sentinel One and Outbrain all held successful billion dollar plus public offerings. In June, seven Israeli companies held successful IPOs and four startups hit billion dollar plus valuations.
The initial public offering is expected to close on July 23, 2021, subject to customary closing conditions. In addition, Kaltura has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the initial public offering price less underwriting discounts and commissions.
It’s been a roller coaster ride for Kaltura this year. The IPO came after a few hiccups along the way to Wall Street. The company first looked to a $1 billion IPO. Then Kaltura said that they would be valued at $2 billion. And then in April the company pulled it’s offering at the last minute because Kaltura would not have gotten nearly as much as it wanted per share sold.
The company planned to raise $244-278 million, for a $2 billion valuation. The underwriters had the option to buy shares worth $49-56 million. Shares were expected to sell at 14-$16. Kaltura expected to have 123.1 million shares outstanding after its IPO is completed. Goldman Sachs and BofA Securities were the lead underwriters. Kaltura’s existing shareholders were to sell shares worth $85-98 million.
Founded in 2006 by its President Michal Tsur and CEO Ron Yekutiel, Kaltura offers a video platform, video management, video publishing, video streaming, interactive video, media management, media distribution, video portals, video players, video solutions, online video, mobile video, video conferencing, video communication, online meetings, meeting solutions, webinars, town halls, lecture capture, cloud tv, OTT TV, video cloud, video platform as a service, media services, vpaas, podcasting, and video messaging services.
Kaltura provides live and on-demand video SaaS solutions to thousands of organizations around the world, engaging hundreds of millions of viewers at home, at work, and at school. This is especially important during the Coronavirus crisis as the shutdowns have required countless people to work remotely. And with schools closed kids are learning from home.