Video streaming platform Vimeo went public on May 25, 2021. However, contrary to the traditional IPO, the parent company IAC opted for a spinoff. A spinoff the creation of an independent company through the sale or distribution of new shares of an existing business or subsidiary of a parent company.
In this scenario, IAC shareholders acquired 1.6235 shares of Vimeo for every share of IAC held. The company debuted on the Nasdaq under the ticker symbol, VMEO. However, by afternoon, the company's share price dropped by 16%. Back in May, the shares closed at $45.39 per share. The company's market capitalization stood at approximately $8 billion.
Vimeo Company Details
Headquartered in New York, Vimeo was established by Zach Klein and Jack Lodwick in 2004. The company aimed at buildin...