Artificial-intelligence tech provider C3.ai is set to enter Doordash in public on Wednesday after raising its projected price range earlier this week to $36 to $38 per share.
Redwood City, a California-based corporation, filed an offer to go public last month and projected stock to be valued between $31 and $34. It is scheduled to begin trading tomorrow, according to IPO Scoop.
The firm is aiming to sell 15.5 million shares, which means it will raise $589 million at the peak of its new range.
C3.ai describes itself as an enterprise AI software company offering SaaS applications that allow the implementation of enterprise-scale AI applications of “extraordinary scale and complexity that offer significant social and economic benefits,” according to its S-1 filing.
According to S-1, the company had net losses of about $33.3 million for its fiscal year ended April 30, 2019 and $69.4 for the year ended April 30 of this year. It posted an accumulated deficit of $293.6 million as at April 30. C3 has announced that its top three clients accounted for 34% of sales in 2019 and 44% in 2020.
The business is also considering two parallel private placements as part of its S-1 bid. Microsoft has agreed to purchase $50 million of shares at the IPO price, and Spring Creek Capital, a Koch Industries subsidiary, has agreed to purchase $100 million of shares at the same price.
C3 is set to be traded on the New York Stock Exchange under the ticker symbol “AI.”
Morgan Stanley, JPMorgan and Bank of America are leading book-runners for the IPO.
Established in 2009, C3.ai raised a total of $228.5 million in funding, according to Crunchbase reports. Its backers include Sutter Hill Ventures, TPG, The Rising Fund, Breyer Capital, Wildcat Investment Partners, as well as its founders Pat House and Thomas Siebel.