Similarweb Ltd. Announces Closing of Secondary Offering by a Selling Shareholder

Rhea-AI Summary

Similarweb (NYSE: SMWB), a leading digital market intelligence company, has announced the closing of a previously announced secondary offering by a selling shareholder. The offering consisted of 3,500,000 ordinary shares at a public offering price of $7.85 per share, resulting in total gross proceeds of $27,475,000. The selling shareholder has granted the underwriters a 30-day option to purchase up to an additional 525,000 ordinary shares at the public offering price. Similarweb did not receive any proceeds from the sale. Goldman Sachs & Co. and Barclays acted as book-running managers, with Citizens JMP, William Blair, and Needham & Company as co-managers for the offering.

Positive

• Successful completion of secondary offering, potentially increasing liquidity for existing shareholders
• Underwriters granted 30-day option to purchase additional shares, indicating potential market interest

Negative

• Similarweb did not receive any proceeds from the share sale
• Potential dilution of existing shareholders' ownership if additional shares are purchased

Insights

Financial Analyst

The secondary offering of $27.475 million by a selling shareholder is a neutral event for Similarweb While it demonstrates investor interest, it's important to note that the company itself didn't receive any proceeds. This transaction primarily affects the ownership structure rather than the company's financial position. The offering price of $7.85 per share provides a market valuation reference point, but investors should be cautious about drawing conclusions about the company's intrinsic value from this single data point. The involvement of major underwriters like Goldman Sachs and Barclays lends credibility to the offering, potentially signaling confidence in Similarweb's market position. However, the impact on stock price and liquidity may vary in the short term as the market absorbs this additional supply of shares.

Market Research Analyst

This secondary offering highlights Similarweb's position in the digital market intelligence sector. As a leading player in this space, the company's ability to attract investor interest is noteworthy. The digital intelligence market is growing rapidly due to increasing demand for data-driven decision-making across industries. Similarweb's tools, which provide insights into web traffic and online consumer behavior, are likely to remain relevant in this evolving landscape. However, investors should consider the competitive dynamics in this sector, including threats from both established players and innovative startups. The offering's success could potentially enhance Similarweb's visibility in the market, which might indirectly benefit its business development efforts.

TEL AVIV, Israel--(BUSINESS WIRE)-- Similarweb Ltd. (“Similarweb”) (NYSE: SMWB), a leading digital market intelligence company, today announced the closing of a previously announced underwritten public offering by a selling shareholder (the “Offering”) of 3,500,000 ordinary shares of the Company at a public offering price of $7.85 per share for total gross proceeds of $27,475,000, before deducting underwriting discounts and offering expenses. The selling shareholder has granted the underwriters a 30-day option to purchase up to an additional 525,000 ordinary shares at the public offering price, less underwriting discounts and commissions.

Similarweb did not receive any proceeds from the sale of shares by the selling shareholder.

Goldman Sachs & Co. LLC and Barclays acted as book-running managers for the Offering. Citizens JMP, William Blair and Needham & Company acted as co-managers for the Offering.

A registration statement on Form F-3, as amended (File No. 333-279295), was filed with the United States Securities and Exchange Commission (the “SEC”) on May 10, 2024, and was declared effective on May 31, 2024 (the “Registration Statement”). The Offering was made pursuant to the Registration Statement. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus, may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by phone at 1-866-471-2526, by facsimile at 1-212-902-9316, or by email at: prospectus-ny@ny.email.gs.com or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at Barclaysprospectus@broadridge.com, or by phone at 1-888-603-5847.

About Similarweb

Similarweb powers businesses to win their markets with Digital Data. By providing essential web and app data, analytics, and insights, we empower our users to discover business opportunities, identify competitive threats, optimize strategy, acquire the right customers, and increase monetization. Similarweb products are integrated into users’ workflow, powered by advanced technology, and based on leading comprehensive Digital Data.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240916697156/en/

Investor Relations Contact:

Rami Myerson

Similarweb

rami.myerson@similarweb.com

Source: Similarweb Ltd.

FAQ

How many shares were offered in Similarweb's (SMWB) secondary offering?

Similarweb's (SMWB) secondary offering consisted of 3,500,000 ordinary shares.

What was the price per share in Similarweb's (SMWB) secondary offering?

The public offering price for Similarweb's (SMWB) secondary offering was $7.85 per share.

How much were the total gross proceeds from Similarweb's (SMWB) secondary offering?

The total gross proceeds from Similarweb's (SMWB) secondary offering were $27,475,000.

Did Similarweb (SMWB) receive any proceeds from the secondary offering?

No, Similarweb (SMWB) did not receive any proceeds from the sale of shares by the selling shareholder in the secondary offering.