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Israeli work management firm monday.com files publicly for U.S. IPO

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(Reuters) – Israeli work management company monday.com Ltd made public its plan to list its shares in the United States on Monday, joining a host of technology-focused firms looking to tap a booming market for new listings.

The company, which counts venture capital firm Sapphire Ventures and investment management firm Hamilton Lane among its backers, was last valued at $2.7 billion after a funding round, Bloomberg News reported in May last year. (https://bloom.bg/3hxgWNY)

Tel-Aviv based monday.com is a centralized hub for all work processes ranging from project management to tracking tasks, projecting sales and event coordination. It was launched in 2014 and is led by co-Chief Executive Officers Roy Mann and Eran Zinman.

The company’s revenue rose 85% to $59 million in the three months ended March 31, its filing showed. Net loss, however, widened to $39 million from $19.9 million in the same period.

The company had already confidentially submitted paperwork for its IPO, Bloomberg News reported earlier this month. (https://bloom.bg/3olMQOw)

Global-e Online Ltd, an Israel-based provider of cross-border e-commerce platform, debuted on Nasdaq last week, closing 7% above its IPO price on Friday.

Goldman Sachs, J.P. Morgan, Allen & Co and Jefferies are among the underwriters for monday.com’s IPO. It will list on Nasdaq under the symbol “MNDY“.

(Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva)

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