Summary List Placement
Productivity startup Monday.com, the self-styled operating system for work, made its debut as a public company on Thursday after a successful IPO that saw its stock pop up 15% in the first day of trading.
Trading on Nasdaq under the ticker symbol MDNY, it was valued at $178.78 per share at the closing bell on Thursday, well above its listing price of $155, giving the company a market cap of about $7.8 billion — a significant uptick from the $2.7 billion it was said to be valued at a year ago.
Founded in Tel Aviv in 2012 under the original name “Dapulse,” Monday.com makes software for work management to help workers manage projects, tasks, processes and workflows, with companies like Asana, Smartsheet, and Notion as its chief competitors. That kind of tool has been in high demand thanks to the pandemic-driven remote work surge.
“The markets we operate in are so massive and it’s such a big opportunity,” Monday.com founder and co-CEO Roy Mann told Insider on Thursday.
The company’s IPO filings showed strong revenue growth and over 127,000 customers, but also widening losses: The company brought in $58 million in revenue in Q1 of this year, an 85% increase …read more
Source:: Businessinsider – Tech