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SimilarWeb Debuts on New York Stock Exchange

Fintech firm SimilarWeb opened below its suggested price of $22 per share, but rose in the afternoon.
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Shares of Israeli fintech firm SimilarWeb were up and down after the stock opened at $20.76 on the New York Stock Exchange Wednesday afternoon. 

The company's $176 million initial public offering had been priced at $22 per share, above its $19 to $21 offering range. 

SimilarWeb shares fell as low as $19.75 Wednesday but were trading as high as $21.76 in the afternoon. 

The company analyzes financial data from billions of interactions across websites and apps and provides insights.

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The Tel Aviv company grew revenue by 32% in 2020 to $93.5 million. The company had a net loss of $22 million last year. The company says it sees a market opportunity of $34 billion. 

JPMorgan, Barclays, Citigroup and Jefferies acted as joint bookrunners for SimilarWeb's debut. 

Wednesday wasn't a strong day overall for the market as stocks fell for a third consecutive session after consumer prices in the U.S. jumped in April by the most since 2009, adding to concerns the Federal Reserve could lift interest rates sooner than it has been signaling.

The consumer price index rose last month to 0.8% from a 0.6% gain in March. The core CPI, which strips out food and energy costs, rose 0.9% in April from March. It was the largest increase in the core measure since 1982.

SimilarWeb founder and CEO Or Offer sat down with TheStreet's Corey Goldman on Wednesday to talk about the IPO and what’s next in the world of so-called digital intelligence gathering -- and how SimilarWeb plans to take advantage of it.