Reported in Barron's
Shares of Israeli gig-economy company Fiverr International rose Thursday morning on the first day of trading for the freelance marketplace.
Fiverr stock (ticker: FVRR), which on Wednesday priced its IPO at $21 a share, was up 45% to $30.41 late Thursday morning after opening at $26. The IPO price means Fiverr will raise in the neighborhood of $100 million.
The shares priced higher than expected, suggesting healthy demand. Its IPO follows that of Upwork (UPWK), which went public in October. Its shares were trading Thursday morning at $14.90, up 2.3% on the day but down from their post-IPO prices above $20. The S&P 500 was up 0.3%.
Fiverr reported some $75 million in 2018 revenue, up 44% from a year earlier, though it also reported a $36 million operating loss as expenses—about half of them for sales and marketing—neared $100 million.
The company is paid based on fees related to the value of the services people purchase through the platform. (Sample services currently displayed on the company’s home page include voice-over, translation, and logo design.)
Fiverr is one of several recent or coming IPOs. Cloud-based security software CrowdStrike Holdings (CRWD), which went public Wednesday, soared on its first trading day.
Slack Technologies, a workplace productivity tools company, is scheduled to start trading via a direct public listing next week.