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Israel's monday.com eyes over $6 bln valuation in US IPO

Israel's monday.com eyes over $6 bln valuation in US IPO
June 1, 2021

JURESULEUM (Reuters) - Israeli work management company monday.com is aiming for a valuation of more than $6 billion in its US initial public offering, according to a regulatory filing on Tuesday.

The company, with backers including venture capital firm Sapphire Ventures and investment manager Hamilton Lane, plans to sell 3.7 million shares for $125 to $140 apiece, raising up to about $518 million. 

Salesforce.com's investment arm and Zoom Video Communications have each agreed to buy $75 million of monday.com's shares in a private placement, the company said.

monday.com was valued at $2.7 billion after its last funding round, Bloomberg News reported in May last year. 

Launched in 2014 and co-led by top bosses Roy Mann and Eran Zinman, the company handles work processes ranging from project management and tracking tasks to projecting sales and event coordination.

Goldman Sachs, J.P. Morgan, Allen & Co and Jefferies are among the underwriters for monday.com's IPO. It will list on Nasdaq under the symbol "MNDY".