SimilarWeb CEO Eyes Acquisitions After Debut Amid Market Plunge
(Bloomberg) -- SimilarWeb Ltd. co-founder and chief executive officer said he’s planning to step up acquisitions after the company’s shares slipped in their U.S. trading debut as markets fell.
“The past few weeks were hectic in the markets,” Or Offer said in an interview Wednesday. Ultimately, he said, “there’s no better day” to go public when he looks at the big picture, which includes SimilarWeb’s growth and the enthusiasm for new technology stocks over the past year.
SimilarWeb, which provides a platform for analyzing app and website data, fell 0.6% to $21.87 a share in New York trading Wednesday, giving the company a market value of about $1.62 billion. The Tel Aviv-based company priced its initial public offering above the marketed range to raise $176 million on Tuesday.
The S&P 500 Index fell 2.1% on Wednesday, the most since February. The Nasdaq was down almost 2.7% while the Dow Jones Industrial Average fell 2% after a report showed inflation rose more than forecast.
SimilarWeb is part of a larger trend of Israeli-founded companies going public in the U.S. A second such company also made its trading debut Wednesday. Ecommerce software provider Global-E Online Ltd. rose 2% to $25.50, after pricing its IPO at the top of a marketed range to raise $375 million.
Harel Beit-On, a SimilarWeb board member, said he expects the wave of Israeli startups going public in the U.S. to continue.
“Israel will continue to produce world category leaders in specific domains,” said Beit-On, a founder and general partner at Viola Growth. “I am confident we will see many more large public Israeli technology companies in the near future.”
SimilarWeb’s offering was led by JPMorgan Chase & Co., Citigroup Inc., Barclays Plc and Jefferies Financial Group Inc.. Its shares are trading on the New York Stock Exchange under the symbol SMWB.
Global-e Online, with a market value of about $3.6 billion after its first day of trading, is listed on the Nasdaq Global Select Market under the symbol GLBE.
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