August 29, 2018 / 8:29 PM / a month ago

SurveyMonkey files for IPO with U.S. SEC

Aug 29 (Reuters) - U.S. online survey company SurveyMonkey on Wednesday filed for an initial public offering with the Securities and Exchange Commission, through its parent SVMK Inc.

The filing bit.ly/2NtTIWR did not specify how many shares the company is planning to sell nor the price range for the proposed offering.

However, the company said it intends to use net proceeds to pay down debts.

The company mentioned that it would raise up to $100 million through the IPO of its shares, but the amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees.

Founded in 1999, SurveyMonkey provides survey software products to measure feedback and the platform is used by about 3 million people daily.

Its main investors include Alphabet’s CapitalG and Tiger Global Management.

The company reported revenue of $121.2 million for the first six months of 2018, up 14 percent from the year-ago period. Net loss however widened to $27.2 million from $19.1 million in the same six months in 2017.

The San Mateo, California-based company, which has over 16 million active users globally, plans to list on the Nasdaq under the ticker “SVMK.”

J.P. Morgan, Allen & Company LLC, BofA Merrill Lynch are among top underwriters to the offering. (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber)

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