Fiverr Shares Skyrocket on IPO Launch | Financial Buzz

Fiverr Shares Skyrocket on IPO Launch

Fiverr International Ltd. (NYSE: FVRR) listed its shares publicly on the New York Stock Exchange on Thursday morning. The Company initially listed its share at USD 21.00 per share. Fiverr’s stock price rose as much as 90% reaching upwards of USD 40.00.

Fiverr originally expected to list its shares in the range between USD 18.00 to USD 20.00 per share. The first open trade was executed at 10:27 A.M. for USD 26.00, according to Marketwatch.

The Company offered 5.26 million shares and raised USD 111 Million. The IPO pricing valued the Company at approximately USD 650 Million, based on documents filed with the Securities and Exchange Commission.

Fiverr is among the latest string of recent companies to launch their IPOs. Notably, other IPOs include Uber Technologies (NYSE: UBER), Lyft (NASDAQ: LYFT), and Beyond Meat (NASDAQ: BYND).

Fiverr is an online marketplace primarily for freelancers. The Company was founded in 2010 and is based in Tel Aviv, Israel. Freelancers on the site offer various services which includes graphics and design, digital marketing, writing and translation, video and animation, music and audio, programming and tech, business, and lifestyle.

Customers can hire freelancers on Fiverr for a single project or potentially hire them for a temporary working position.

At the end of Fiverr’s first quarter of fiscal 2019, the Company reported a net loss of USD 8.3 Million compared to a net loss of USD 16.3 Million a year prior. Total sales for the first quarter were USD 23.8 Million, up 42% year-over-year.

For the full-year 2018, Fiverr reported revenue of USD 75.5 Million, up 75% year-over-year from 2017.