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SurveyMonkey Goes Public, and Demand Is High: What to Watch Today

Category: Business,Finance

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The parent company of the online pollster SurveyMonkey will begin trading on the Nasdaq stock market on Wednesday, likely one of the last companies with a recognizable name to go public this year.

Back story: The nearly 20-year-old company, which will be listed under the ticker symbol “SVMK,” priced its initial public offering on Tuesday night at $12 a share, a dollar above its expected price range. The company also increased the number of shares it sold to 15 million, from 13.5 million. Overall, it raised $180 million from the I.P.O., as well as an additional $40 million from Salesforce Ventures.

The context: SurveyMonkey looks set to continue a streak of strongly performing public offerings. Over the past two weeks, businesses ranging from the online luxury retailer Farfetch to the ticketing company Eventbrite have enjoyed strong debuts on the public markets.

What to watch: Question marks still hang over SurveyMonkey’s business. Despite reporting over 16 million active users last year, just 3.8 percent of them paid for the service. And it remains unprofitable, having lost $24 million last year. However eager investors are Wednesday, they will want to see improvements on both fronts, and quickly.

The Fed is expected to raise interest rates. It would be the third hike this year, probably to a range of 2 to 2.25 percent, from 1.75 to 2 percent. The increases are meant to limit inflation, and the bank is expected to make one more before the end of the year.

Big Tech goes to Washington (again), this time over privacy. The Senate Commerce Committee will question representatives from Amazon, AT&T, Google, Twitter and others. Google’s new chief privacy officer, Keith Enright, is expected to defend his employer’s business model and outline some possible privacy regulations.

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