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Sunday, 09 May 2021 03:57 GMT

Global-E files for Nasdaq IPO at $3.5b valuation


(MENAFN - Trend News Agency) Israeli international e-commerce platform Global-E has updated its prospectus for an Initial Public Offering (IPO) on Nasdaq and says that it plans to issue 15 new million shares at a price of $23-25 per share. In other words, the company plans raising $360 million, which could grow if the underwriters take up their options to buy an additional 2.25 million shares. The company's valuation after the IPO will be $3.5 billion, Trend reports with reference to Globes .

Goldman Sachs, Morgan Stanley, and Jefferies are serving as lead book-running managers for the proposed offering while Piper Sandler & Co., JMP Securities, KeyBanc Capital Markets and Raymond James & Associates are serving as co-managers for the offering. The capital raised will be for working capital and general business purposes.

Global-E has developed a platform, which it says removes obstacles in buying online from abroad. The platform allows communication with buyers in 25 languages and purchases in more than 100 currencies while calculating local sales taxes. Global-E claims that the better customer experience that the platform provides improves sales.

Global-E has 300 employees in Israel, the UK and other countries. 59% of Global-E's customers are in the UK and its activities in Israel represent 1% of its overall activities.

The company was founded by CEO Amir Schlachet, COO Shahar Tamari and CRO Nir Debbi. According to IVC, Global-E has raised $114 million in six financing rounds, the most recent of which was last June.

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