Goldman Sachs-backed ON24 seeks $2.22 billion valuation in IPO

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Business

Posted By linker 5

Posted on January 27, 2021

Goldman Sachs-backed ON24 seeks $2.22 billion valuation in IPO

(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. (https://bit.ly/3plMhEm)

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. (https://bit.ly/39gEvpG)

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)

Recommended for you