Morgan Stanley, JPMorgan and Bank of America are acting as the lead book-runners for the IPO.įounded in 2009, C3.ai has raised a total of $228.5 million in funding, according to Crunchbase data. Microsoft has agreed to buy $50 million of stock at the IPO price and Spring Creek Capital, an affiliate of Koch Industries, has agreed to buy $100 million of stock at the same price.Ĭ3 is set to trade on the New York Stock Exchange under the ticker symbol AI. The company is also planning two concurrent private placements as part of its offering, according to its S-1 filing. C3 also reported its top three customers accounted for 34 percent of revenue in 2019 and 44 percent in 2020. It reported an accumulated deficit of $293.6 million as of April 30. The company had net losses of approximately $33.3 million for its fiscal year ended Apand $69.4 for the year ended April 30 of this year, according to its S-1. The company is looking to offer 15.5 million shares, meaning it could raise $589 million at the top of its new range.Ĭ3.ai describes itself as an enterprise AI software company providing SaaS applications that enable the deployment of enterprise-scale AI applications “of extraordinary scale and complexity that offer significant social and economic benefit,” according to its S-1 filing. It’s expected to begin trading tomorrow, according to IPO Scoop. The Redwood City, California-based company filed to go public last month and expected shares to price between $31 and $34. Artificial intelligence software developer C3.ai is poised to join DoorDash in going public Wednesday after raising its expected price target earlier this week to $36 to $38 per share.
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