C3.ai (NYSE:AI) is moving forward with its initial public offering (IPO) after pricing shares above its previous estimate.
Here’s what potential investors in the company need to know about the C3.ai IPO.
- To start with, the company has listed its shares on the New York Stock Exchange under the AI ticker.
- The IPO starts today and is expected to close on Friday.
- C3.ai is offering 15.5 million shares of AI stock in its IPO.
- The company has priced these shares at $42 each.
- That’s above the company’s previous IPO target range of $36 to $38 per share.
- That sets C3.ai up to gain as much as $651 million from its IPO.
- Underwriters also have the option of acquiring an additional 2.325 million shares at the IPO price.
- The lead book-running managers for the IPO are Morgan Stanley, J.P. Morgan, and BofA Securities.
- C3.ai is an artificial intelligence (AI) company that offers its services to major corporations.
- These companies use its AI software to predict outcomes and plan around them.
- Its most recent fiscal year ended in April.
- At that time, it reported a net loss of $69.4 million on revenue of $156.7 million.
- Revenue was up 71.1% from the $91.6 million reported in the previous fiscal year.
- Subscription revenue for that period was up 75% from $77.5 million to $135.4 million.
- Subscriptions are the company’s main source of revenue, making up 86% of total revenue reported for the fiscal year.
- C3.ai was founded in 2009.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.