Israel’s WalkMe raises $287 million in Nasdaq IPO at $2.5 billion valuation

The shares of Tel Aviv based WalkMe Ltd., a maker of software that helps website owners and software developers create interactive onscreen guidance for users to complete complex tasks, are scheduled to start trading on the Nasdaq on Wednesday after the company held its initial public offering of shares.

The company said it priced its offering of 9,250,000 ordinary shares to the public at $31 per share, raising $287 million at a $2.5 billion valuation, according to an estimate by Calcalist.

The underwriters have a 30-day option to purchase up to an additional 1,387,500 ordinary shares at the initial public offering price, the company said.

The Tel Aviv-based company, founded in 2011 by CEO Dan Adika, president Rephael Sweary and Eyal Cohen, has raised $308 million to date from investors including Vitruvian Partners, Insight Partners and Singapore’s EDBI, Greenspring Associates, Vitruvian Partners, Scale Ventures, Mangrove, and Gemini.

In the preliminary prospectus dated May 17 filed with the SEC, the company said revenue for 2020 surged 41% to $148.3 million. For the three months ended March 31, 2021, revenue rose 25% to $42.7 million, compared to the same quarter a year earlier. Net loss for the full year 2020 narrowed to $45 million from a loss of $50.1 million in 2019.

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Written by Aakash Malu


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