With investors flocking to tech stocks, C3.ai said it expects to raise $589 million in its initial public offering (IPO). Reuters reported on Monday (Dec. 7) that the software provider was boosting its price range for shares.
C3, whose “enterprise” products are pitched to large companies, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an IPO last month.
“Our singular focus is to leverage our technology leadership, first-mover advantage, and management leadership to establish and maintain a global leadership position in Enterprise AI,” C3.ai Founder and CEO Thomas M. Siebel said. “Should we succeed at that objective, we will have built C3.ai into one of the world’s great software companies.”
Based in Redwood City, California, C3.ai plans to list its Class A common stock with the ticker symbol “AI” on the New York Stock Exchange, according to a press release.
Reuters said the company now plans to sell 15.5 million shares priced at between $36 and $38 per share, per its latest SEC filing. C3.ai had previously set a range of $31 to $34.
At the higher price range, C3.ai’s market capitalization could be around $3.66 billion, Reuters said.
The company is among the numerous Silicon Valley startups that are out to capitalize on investors’ big appetite for new tech stocks. For example, Palantir Technologies, Snowflake and Unity Software all went public this year.
Food delivery platform DoorDash is looking to raise up to $3.14 billion in its IPO and has increased its target price, according to a U.S. Securities and Exchange filing Friday (Dec. 4). The new plan is to sell 33 million common shares for $90 to $95 apiece, up from its previous price range of $75 to $85 a share.
In addition, Airbnb said it was increasing its IPO price range to between $56 and $60 a share — up from a previous range of $44 to $50.
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