TEL AVIV - Similarweb Ltd. (NYSE: NYSE:SMWB), a global digital market intelligence company, announced an underwritten public offering of 3,500,000 ordinary shares at $7.85 each, aiming for gross proceeds of approximately $27.5 million before underwriting discounts and offering expenses. The offering, initiated by a selling shareholder, is set to close around Monday, September 16, 2024, pending customary closing conditions.
The company itself will not benefit financially from the sale of the shares. The selling shareholder has also provided underwriters a 30-day option to buy up to an additional 525,000 shares at the offering price, adjusted for underwriting discounts and commissions.
Goldman Sachs (NYSE:GS) & Co. LLC and Barclays (LON:BARC) are serving as the book-running managers for the transaction. Citizens JMP, William Blair, and Needham & Company are listed as co-managers.
The offering is made possible by a registration statement filed with the U.S. Securities and Exchange Commission (SEC) on May 10, 2024, and declared effective on May 31, 2024. Documentation related to the offering, including a preliminary prospectus supplement and accompanying prospectus, is available on the SEC's website.
Similarweb's platform is designed to provide businesses with web and app data, analytics, and insights to help them identify market opportunities, competitive threats, and strategies for customer acquisition and monetization.
This press release contains forward-looking statements that pertain to Similarweb's product development, business strategies, and anticipated performance. These statements are subject to risks and uncertainties, and actual results may differ materially from those projected.
The information provided in this article is based on a press release statement from Similarweb Ltd. and is intended for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities.
InvestingPro Insights
As Similarweb Ltd. (NYSE: SMWB) proceeds with its public offering, investors are closely monitoring the company's market performance and financial metrics. According to InvestingPro data, Similarweb boasts an impressive gross profit margin of 79.26% for the last twelve months as of Q2 2024. This high margin indicates the company's ability to manage its cost of goods sold efficiently, which is a positive sign for potential investors. Additionally, Similarweb has shown a strong return over the last year, with a 66.15% price total return, reflecting the company's robust growth trajectory and market confidence.
InvestingPro Tips highlight that analysts have revised their earnings expectations upwards for the upcoming period, suggesting optimism about the company's future performance. Moreover, analysts predict that Similarweb will turn profitable this year, which could further enhance investor sentiment. For those interested in deeper analysis, InvestingPro offers additional insights and tips on Similarweb, with a total of 13 tips available on the platform, providing a more comprehensive investment outlook.
While the company's market capitalization stands at $774.46 million, it is also noteworthy that Similarweb is trading near its 52-week high, at 98.05% of this peak value. This could indicate a strong market position but also suggests that investors should be mindful of valuation levels. The InvestingPro Fair Value is calculated at $8.08, which offers a reference point for investors considering the stock's current price against analyst targets.
Investors and potential shareholders can find additional information and analysis on Similarweb by visiting InvestingPro.
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