C3.ai, which provides a SaaS platform for deploying enterprise AI applications, raised the proposed deal size for its upcoming IPO on Monday.
The Redwood City, CA-based company now plans to raise $574 million by offering 15.5 million shares at a price range of $36 to $38. The company had previously filed to offer the same number of shares at a range of $31 to $34. At the midpoint of the revised range, C3.ai will raise 14% more in proceeds than previously anticipated.
The company provides SaaS applications that enable the rapid deployment of enterprise-scale AI applications on Azure, AWS, the IBM Cloud, Google Cloud Platform, or on-premise. Its two primary families of software solutions include the C3 AI Suite, which is a comprehensive application development and runtime environment that is designed to allow its customers to design, develop, and deploy Enterprise AI applications of any type; and C3 AI Applications, which is built using the C3 AI Suite and includes a family of industry-specific and application-specific turnkey AI solutions.
C3.ai was founded in 2009 and booked $165 million in revenue for the 12 months ended October 31, 2020. It plans to list on the NYSE under the symbol AI. Morgan Stanley, J.P. Morgan, BofA Securities and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
