(Finansavisen.no): The technology company Medallia, founded by Norwegian Børge Hald (52) and his wife in 2001, received a fantastic reception on the New York Stock Exchange on Friday.
The share price increased 76 percent, even after the shares were listed on a higher price than plan, says Finansavisen.
Prior to & # 39; the statement gave the company the intention was to report a price per share. $ 16 to 18 shares. However, the interest was greater than expected, and the company stocked up for $ 21.
The mark welcomes the company, and the stock exchange opened at $ 32. When the stock market closed Friday, the price was $ 37, which gave the company a market value of $ 6.3 billion.
According to Bloomberg, Børge Hald and his wife have 14.5 million shares, which are valued at NOK 4.6 billion, about 2.5 billion higher than at the listed listing price, the newspaper writes.
The founders sold between one and two million shares in one IPO.
Finansavisen did not make contact with Børge Hald on Monday.
Also read: Property King banks in Norwegian
In 2018, Medallia had a turnover of about $ 313 million. Net income slowed to $ 82.2 million, down from $ 70.4 million the year before.
The share price of $ 37 implies a price of over 20 times the topline of last year.
Although pricing is tight, both analysts have the share of a recommendation for buying with an average price tag of $ 33.50.
Børge Hald was CEO until August last year. Then IT veteran Leslie Stretch took over the position of managing the company against stock exchange listing. De Noar participated in a role as chair of & nbsp; council and director of strategy.
"What I saw was a wonderful technology story that has not yet been told," Stretch told Forbes in connection with the statement.
He doesn't think the company left money on the table:
"My goal was to set an interesting price to get people in, while getting the capital we want. The main thing was to bring in the investors, and I feel we have succeeded," said Stretch in an interview with Inc.
Also read: Norsk Hydro lost 200 million electricity sales
After studying Stanford, Borge Hald and his wife, Amy Pressman, got the idea that a billionaire shop would soon be out.
In 2012, Medallia experienced a breakthrough when the world-famous venture fund Sequoia Capital entered the site of ownership after injecting $ 35 million into equity. Sequoia is today the largest shareholder in the business, with a share of about 40 percent.
Medallia has developed an analysis tool for processing large customer data. The entrepreneur calls it "customer experience management".
“Our system understands the customer better than anyone else. A customer who first checks in a hotel room and later writes a review, this customer we can follow and understand, and then transform it into valuable information for the hotel chain, "said Hald's financial report to him Interviewed 2017.
Also read: – Increases the chance of a tough Brexit and a lot of excitement
The case was first published on Hegnar.no