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SurveyMonkey Makes Impressive Debut On Wall Street

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SurveyMonkey Makes Impressive Debut On Wall Street

SurveyMonkey's parent company SVMK Inc. (NASDAQ: SVMK) made a big splash in its market debut Wednesday.

The company originally sought a $9 to $11 share price, but decided on $12, due to high investor demand. According to CNBC, Salesforce Ventures will purchase $40 million of stock, in addition to investments from Tiger Management and others.

In its first day of trading, the stock opened at $18.75 per share and soared more than 60 percent throughout the day, similar to Eventbrite Inc. (NYSE: EB)’s Sept. 20 debut.

The popular online survey development company conducts over 20 million surveys to 8 million users per day. The company’s platform is utilized in school settings, business settings and for entertainment purposes.

SurveyMonkey CEO Zander Lurie told CNBC of the company’s increased responsibility to protect data: "We pay great heed to our customers' data. We all have to be on the forefront."

This funding will likely assist with data protection software and advanced platform settings to protect the data of the increasing amount of users.

Shares closed the session at $17.10, up 42.5 percent from its $12 IPO price. The stock hit an intra-day high above $20 per share.

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Posted-In: Allen & Company Bank of America CNBC Squawk BoxNews IPOs Top Stories Movers Trading Ideas Best of Benzinga

 

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