Vimeo Plunges in Debut After IAC Completes Spin-Off

© Reuters.

By Dhirendra Tripathi

Investing – Vimeo shares fell 16% after touching a high of $58 on their debut.

Vimeo is the 11th public company to emerge from IAC/InterActiveCorp (NASDAQ:) in a continuation of a model that has created $100 billion of shareholder value over the course of 25 years.

IAC shareholders, as of close of business on May 24, received 1.6235 shares of Vimeo stock for each IAC share held.

As of March 31, 2021, Vimeo had 159.1 million Class A and Class B common shares outstanding, 139.8 million of which were held by IAC. It held $316 million in cash and cash equivalents and no debt.

Vimeo is an all-in one video software solution company serving needs of businesses—what is poised to become a $70 billion market opportunity by 2024.

Its first quarter revenues rose 57% year-on-year, to $89.4 million. Operating loss narrowed to $5.6 million from $17.2 million.

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