NEWS31 August 2018

SurveyMonkey files for IPO

Financials News North America

US – Online polling company SurveyMonkey has announced that its parent company, SVMK, has filed with the US Securities and Exchange Commission for an initial public offering (IPO).

Surveymonkey screengrab_crop

It said in a statement that the number of shares to be offered and the price range had not yet been determined but that it is looking to raise up to $100m.  

According to its IPO filing, the company plans to use the proceeds of the sale to pay down income tax obligations related to a restricted stock unit settlement, for working capital and general corporation purposes, as well as acquisitions and investments into complementary products, technologies and businesses.

Also stated in the filing was that Sheryl Sandberg – Facebook chief operating officer and wife of former SurveyMonkey CEO David Goldberg, who died suddenly in 2015 – plans to donate all her shares to charity.

The money will go to the Sheryl Sandberg and Dave Goldberg Family Foundation as part of the Giving Pledge, which is an initiative created by Warren Buffett and Bill and Melinda Gates to encourage philanthropy so that the wealthy donate some of their money to charitable causes.

The company made losses of $27.18m on $121.2m revenue in the first half of 2018.

SurveyMonkey was founded in 1999 by Ryan Finley. Its headquarters are in San Mateo, California and it employs more than 750 people.

Zander Lurie is its current CEO.

It has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol ‘SVMK’.