Wall Street has been very welcoming for gig-economies companies this year with the IPO of gig-based businesses like Uber, Lyft, and Upwork. Now, the warm welcomes are also extended to the company that has trademarked the word “gig,” Fiverr, as the popular freelance app make its debut in the New York Stock Exchange on Thursday.
Fiverr International Ltd. FVRR, +0.00% priced its initial public offering at $21 a share Wednesday night, above its range of $18-$20 a share. The company plans to offer about 5.26 million shares, raising more than $110 million, with underwriters having a 30-day option to purchase another 789,000 shares. It plans to start trading Thursday on the New York Stock Exchange under the ticker “FVRR.”
The company, popular for linking freelancers and companies for different services, have joined the ranks of Lyft Inc. LYFT, +0.59%, and Uber Technologies Inc. UBER, -0.66% hit the public markets with a splat, a similar gig-economy company made its debut. Upwork UPWK, -3.77% which designs software that connects freelancers with companies that need workers, saw its shares jump 50% on their first day of trading in October, but they’re now back to trading around their initial-public-offering price of $15.
Fiverr is a company that helps businesses (buyers) in finding freelancers and workers (sellers) in their platform with “over 200 categories of productized service listings,” which the company calls Gigs with a “®” symbol because it trademarked the word. Categories include voice-overs, logo design, and translation services.
“We designed our platform to make it easy for our buyers to find and purchase the digital services they are looking for without time-consuming negotiations or uncertainty of pricing while offering them what we believe to be the best value for their money,” Fiverr said in its filing. “At the same time, we enable our sellers to reach a large buyer universe, allowing them to spend more time on doing what they love and are best at, rather than on demand generation, contract negotiation, payment collection and other requirements of running a digital services business.”