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SurveyMonkey Files for IPO

SurveyMonkey, a provider of online polling software, filed with regulators for an initial public offering on Wednesday. The company reported a net loss of $27.2 million on $121.2 million in revenue in the first half of this year, compared with a $19.1 million net loss on $106.5 million in revenue during the same period last year. It could join a wave of public offerings of cloud software companies this year that has included Dropbox, DocuSign and Zuora.

The company has had a challenging path to IPO following the unexpected death of CEO Dave Goldberg in 2015, and a subsequent restructuring of the business. There are signs the share price has slipped slightly. Stock option exercise prices dropped by 15% since 2016, to $13.65 in recent months, which would value the company at $1.8 billion when including stock options and restricted stock units, according to the IPO filing. Mutual fund backer Fidelity has marked its shares down by 25% since 2014, to $12.36 per share as of June 30, according to public filings. But in its favor, SurveyMonkey has improved its margins since 2016, and public markets have been valuing cloud software companies highly this year.

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