Goldman Sachs-backed ON24 seeks $2.22 billion valuation in IPO - Reuters - 2 minutes read

(Reuters) - Goldman Sachs Group Inc-backed webinar marketing platform ON24 Inc is aiming for a valuation of about $2.22 billion in its initial public offering (IPO), as it looks to cash in on continued investor appetite for tech listings.
ON24, which allows people to create webinars and host virtual events on its platform, said on Monday it would sell about 8.6 million shares priced between $45 and $50 apiece, looking to raise up to $430 million at the upper end of the range. (
ON24’s IPO comes as U.S. capital markets gear up for another banner year for stock market launches.
The company, which lists SAP SE, IBM, Microsoft Corp and General Electric Co as customers on its website, expects to post net income in the range of $17.8 million and $20.3 million for the year ended Dec. 31, 2020.
ON24 said “one or more” funds affiliated with U.S. investment firm Tiger Global Management have indicated an interest in buying up to an aggregate of $75 million in shares in the offering.
Goldman Sachs invested $25 million in ON24 in early 2019. (
Goldman Sachs Co. LLC, J.P. Morgan Securities LLC and KeyBanc Capital Markets are lead underwriters for ON24’s offering.
The San Francisco-based company will list its stock on the New York Stock Exchange under the symbol “ONTF”.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Vinay Dwivedi

Source: Reuters

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