Clear Secure (NYSE:YOU), an ID verification company, has revealed details of its initial public offering (IPO) as shares of its stock prepare to start trading today.
Here’s everything investors need to know about the Clear Secure IPO.
- The company is listing its shares on the New York Stock Exchange under the YOU stock ticker.
- The IPO will include 13.2 million shares priced at $31 each.
- That’s above Clear Secure’s previous IPO price range of $27 per share to $30 per share for its stock.
- The company expects gross proceeds from the offering to be $409.2 million.
- There’s also a 3-day option for underwriters to purchase an additional $1.98 million shares of YOU stock at the IPO price.
- If underwriters fully exercise this option. Clear Secure expects gross proceeds from the IPO to reach $470.6 million.
- Clear Secure intends to use the funds from the offering to purchase non-voting common units equal to the number of shares of Class A common stock in its offering from parent company Alclear Holdings.
- Alclear Holdings will then use those funds to handle general corporate purposes.
- The Clear Secure IPO is set to close on Friday.
- The lead book-runners of the IPO are Goldman Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM) Securities, Allen & Company, and Wells Fargo (NYSE:WFC) Securities.
- LionTree Advisors and Stifel, Nicolaus & Company served as passive book-runners for the IPO.
- Telsey Advisory, Centerview Partners, Loop Capital Markets, and Roberts & Ryan Investments are co-managers of the offering.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.