SurveyMonkey can file confidentially with the SEC through the JOBS act signed in 2012, which allows those companies to test the waters before they formally release an S-1. It’s increasingly popular as it allows the companies an opportunity to get a gut check while investors appear to have at least some of an appetite for fresh IPOs while not having to spill the entire financial guts of the company publicly. SurveyMonkey is also the latest of a wave of enterprise IPOs in the past six months or so. There’s still plenty that can change given that it’s a confidential filing. We won’t know how much money the company wants to raise, what its business even looks like, or any of the other granular details of the IPO.
SurveyMonkey gives businesses a way to submit surveys to their customers and try to more seamlessly gather feedback about products, customer service, or anything else that a company might be able to measure based on those responses. In an era where tracking all of that data becomes increasingly important thanks to more robust predictive tools and considerably more processing power to make those projections, SurveyMonkey’s data is likely even more valuable than it was when it raised funding in 2014. SurveyMonkey on its own end, too, might be easily able to understand how people are actually rating the companies they work with.
Dropbox and DocuSign are the most recent successful IPOs, both valued at over $10 billion at this point. But there are companies like Zuora, which went public in April, zScalar and others that have seen significant success after they went public. That means that there’s plenty of demand for companies that are about to go public, which is where the saying of the “IPO window being open” comes from.