附近上门

Shares of webcasting and virtual events platform began trading on the on Wednesday, with its stock closing at $70.45, or nearly 41 percent above its IPO price.

Subscribe to the 附近上门 Daily

ON24 isn鈥檛 like many of the VC-backed companies going public nowadays: it鈥檚 been around for more than 20 years. The company was founded in 1998 and raised its Series A, which was led by , in August 1999.

鈥淚t felt like the right time for us (to go public), it wasn鈥檛 so much what was going on in the markets,鈥� ON24 Chief Marketing Officer Steve Daheb said in an interview with 附近上门 News. 鈥淭here can be so much noise at any given time but it was about what we wanted to do as a company, our own trajectory and our own timing.鈥�

The COVID-19 pandemic has accelerated interest in companies like ON24, which allows companies and people to host virtual events and stream webinars. The pandemic has caused companies across many different industries, including financial services and life sciences, to drive customer intimacy without proximity and accelerated the trend to move to digital, Daheb said.

ON24鈥檚 stock opened trading at $77 per share on Wednesday, 54 percent above its IPO price of $50. The company had set a price range of between $45 and $50, and raised around $428 million through its IPO.

ON24 reported nearly $103.7 million in total revenue for the first nine months of 2020, up about 59 percent from the same period in 2019, according to its S-1 registration statement. It also reported about $11 million in net income for the first nine months of 2020.

The company last raised funding in May 2016, with a $25 million round led by . ON24 is also backed by investors including and .

鈥淚 think now that we have no choice but to use these digital tools, I think people realize how much better they are,鈥� Daheb said. 鈥淵ou see increased pipeline, increased conversion, increased revenue, increased average deal size for customers … it鈥檚 just a better way to do things moving from a traditional physical analog to like we鈥檝e seen with so many great SaaS platforms, modern digital platforms that can do it as a service.鈥澛�

Illustration: