Israeli code-free digital adoption platform WalkMe announced the pricing of its initial public offering last week. The company has raised USD 287 million at USD 31 per share, giving the firm a USD 2.5 billion valuation. It began trading on Nasdaq under the WKME symbol.
WalkMe’s stock price fell on its first day of trading, closing at USD 28.81, 7% below its IPO price, according to Crunchbase News.
Founded in 2011 by Rafael Sweary, Dan Adika, and Eyal Cohen, WalkMe helps users build websites, apps, and software. Its clients include LinkedIn, Adobe, PayPal, and some 30% of Fortune 500 companies. The company’s last funding round was a Series G investment in 2019.
WalkMe is based in California and has raised over USD 300 million to date. In October, it was listed as one of 12 Israeli-founded companies on Forbes’ Cloud 100 list.
WalkMe is the 85th Israeli company to be traded on the Nasdaq and NYSE. The software company’s initial public offering has brought the total valuation of those 85 Wall Street-traded Israeli companies to USD 300 billion, Israeli financial daily Calcalist reported last week. The publication cited data compiled by investment bank Oppenheimer Israel.
The figure represents a USD 100 billion surge in value since the start of 2021. Companies that issued new shares or merged with special purpose acquisition companies accounted for USD 75 billion of that amount; the remaining USD 25 billion was a surge in value of preexisting Israeli stock on the US markets.
The 85 Israeli companies traded in New York have seen a 12% jump in value since the start of the year.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.