Life360, which provides a location sharing mobile app targeted to families, filed on Monday with the SEC to raise up to $175 million in an initial public offering. The company had previously announced its intention to list on the Nasdaq in early May via an S-3 filing. The latest filing was made under form type 424B5.
The San Mateo, CA-based company plans to raise $175 million by offering 5.8 million shares (43% secondary) at $30.43, the as-converted May 31 close of its shares on the Australian Securities Exchange (360). At the proposed price, Life360 would command a fully diluted market value of $2.6 billion.
The company's core offering is the Life360 mobile app, which includes features like communications, driving safety, digital safety, and location sharing, and operates under a "freemium" model. Its suite of product and service offerings are system and platform-agnostic. As of March 31, 2024, there were approximately 66.4 million MAUs and 1.9 million global paying groups, or "circles," on the Life360 Platform.
Life360 was founded in 2008 and booked $315 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol LIF. Goldman Sachs, Evercore ISI, UBS Investment Bank, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 3, 2024.
