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

Rhea-AI Summary

Similarweb (NYSE: SMWB), a leading digital market intelligence company, has announced the launch of a secondary offering by a selling shareholder. The offering consists of 3,500,000 ordinary shares, with an option for underwriters to purchase an additional 525,000 shares. Similarweb will not receive any proceeds from the sale. Goldman Sachs & Co. and Barclays are acting as book-running managers, with Citizens JMP, William Blair, and Needham & Company as co-managers. The offering is being made pursuant to a registration statement filed with the SEC on May 10, 2024, which became effective on May 31, 2024.

Positive

• Potential increase in liquidity for existing shareholders
• Underwritten by reputable financial institutions, potentially increasing investor confidence

Negative

• Dilution of existing shareholders' ownership percentage
• Potential downward pressure on stock price due to increased supply of shares
• Company not receiving any proceeds from the sale

Financial Analyst

This secondary offering by a selling shareholder is a neutral event for Similarweb. The company won't receive any proceeds, which means no direct impact on its financial position. However, it's worth noting that this move might increase the float of Similarweb's shares, potentially affecting short-term stock price dynamics due to increased supply. The involvement of major underwriters like Goldman Sachs and Barclays suggests confidence in the offering's success. For investors, it's important to understand that while this doesn't dilute existing shareholders, it may signal that some insiders are looking to cash out, which could be interpreted as a lack of future growth expectations. Keep an eye on the stock's performance post-offering to gauge market sentiment.

Market Research Analyst

Similarweb's position as a leading digital market intelligence company makes this offering intriguing. The tech sector, especially data-driven companies, has seen significant investor interest. This offering could be viewed as a test of market appetite for Similarweb's stock. The timing suggests confidence in the company's current valuation, but it's essential to consider broader market conditions. Investors should analyze Similarweb's recent performance metrics and growth trajectory. The 3,500,000 shares being offered, with a potential additional 525,000, represent a substantial block. This might provide an opportunity for institutional investors to build positions, potentially stabilizing long-term ownership. However, retail investors should be cautious of potential short-term volatility following the offering.

TEL AVIV, Israel--(BUSINESS WIRE)-- Similarweb Ltd. (“Similarweb”) (NYSE: SMWB), a leading digital market intelligence company, today announced the launch of an underwritten public offering by a selling shareholder (the “Offering”) of 3,500,000 ordinary shares of the Company. The selling shareholder intends to grant 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 will not receive any proceeds from any sale of ordinary shares by the selling shareholder.

Goldman Sachs & Co. LLC and Barclays are acting as book-running managers for the Offering. Citizens JMP, William Blair and Needham & Company are acting 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 is being made pursuant to the Registration Statement. A preliminary 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 preliminary prospectus supplement and accompanying prospectus, as well as copies of the final prospectus supplement once available, 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.

Forward-Looking Statements

This press release contains estimates and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on management’s expectations, beliefs or intentions regarding, among other things, Similarweb’s product development efforts, business, financial condition, results of operations, strategies, plans and prospects.. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Offering. These forward-looking statements involve various risks and uncertainties. Known and unknown risks, uncertainties and other factors, including those listed under the header “Risk Factors” in the Registration Statement, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Similarweb undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Similarweb may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

No Offer or Solicitation

This Press Release is for informational purposes only and does not constitute an offer or a solicitation of an offer to buy or sell securities, assets or the business described herein or a commitment to Similarweb or the selling shareholder, nor shall there be any offer, sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240912160858/en/

Investor Relations Contact:



Rami Myerson

Similarweb

rami.myerson@similarweb.com

Source: Similarweb Ltd.

FAQ

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

Similarweb (SMWB) is offering 3,500,000 ordinary shares, with an option for underwriters to purchase an additional 525,000 shares.

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

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

Who are the book-running managers for Similarweb's (SMWB) secondary offering?

Goldman Sachs & Co. and Barclays are acting as book-running managers for Similarweb's (SMWB) secondary offering.

When was the registration statement for Similarweb's (SMWB) secondary offering declared effective?

The registration statement for Similarweb's (SMWB) secondary offering was declared effective by the SEC on May 31, 2024.