Goldman Sachs-backed ON24 seeks $2.22 bln valuation in IPO

Goldman Sachs Group Inc-backed webinar marketing platform ON24 Inc is aiming for a valuation of about $2.22 billion in its initial public offering (IPO), as it looks to cash in on continued investor appetite for tech listings…

ON24, which allows people to create webinars and host virtual events on its platform, said on Monday it would sell about 8.6 million shares priced between $45 and $50 apiece, looking to raise up to $430 million at the upper end of the range.

ON24’s IPO comes as U.S. capital markets gear up for another banner year for stock market launches.

The company, which lists SAP SE, IBM, Microsoft Corp and General Electric Co as customers on its website, expects to post net income in the range of $17.8 million and $20.3 million for the year ended Dec. 31, 2020.

ON24 said “one or more” funds affiliated with U.S. investment firm Tiger Global Management have indicated an interest in buying up to…

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