NEW YORK, NY / ACCESSWIRE / September 27, 2018 / Both SurveyMonkey and ARCO Platform made their debut in the stock market yesterday. Both stocks soared way above their IPO prices.
RDI Initiates Coverage on:
ARCO PLATFORM LTD.
SurveyMonkey Inc. shares were up nearly 44% at the close yesterday on roughly 18.6 million shares traded. The stock hit as high as $20 a share in its stock market debut before settling at $17.24 at the close. The digital survey and data analytics company priced its shares at $12 a piece Tuesday night, above the expected range of $9 to $11. It also upped the number of shares up for sale to 15 million from 13.5 million, raising $180 million. According to the company's CEO Zander Lurie, who spoke to CNBC's "Squawk Box" yesterday, SurveyMonkey handles more than 20 million answers from over 3 million people every day and that the company pays "great heed" to consumer privacy. Chief Operating Officer of Facebook, Sheryl Sandberg, is the widow of the former SurveyMonkey CEO Dave Goldberg. She is one of the biggest shareholders of the company with nearly 10% of outstanding shares.
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ARCO PLATFORM LTD. shares closed up a little over 34% on about 7.3 million shares traded on Wednesday. The Brazilian Edtech startup made its debut on the NASDAQ yesterday, hitting as high as $25.59. The company, which provides complete pedagogical solutions to private schools in Brazil, announced on Tuesday that it priced its initial public offering of 11,111,111 Class A common shares at a public offering price of US$17.50. Arco has also granted the underwriters a 30-day option to purchase up to 1,666,666 additional Class A common shares at the initial public offering price less underwriting discounts and commissions. The company has a mission to transform the way students learn by delivering high-quality education at scale through technology to private primary and secondary schools. It provides educational content in printed and digital formats through its platform. As of March 31 2018, As of March 31 2018, Arco’s network consisted of 1,140 partner schools, with 405,814 enrolled students across all Brazilian states.
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