Confluent, which provides a real-time data streaming platform, announced terms for its IPO on Wednesday.
The Mountain View, CA-based company plans to raise $713 million by offering 23 million shares at a price range of $29 to $33. Insiders Coatue Management and Altimeter Capital intend to purchase an aggregate 3.5 million shares in the offering.
At the midpoint of the proposed range, Confluent would command a fully diluted market value of $10.0 billion.
Confluent states that it has pioneered a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. Its offering can be deployed either as a fully-managed, cloud-native SaaS offering available on all major cloud providers, or an enterprise-ready, self-managed software offering. The company had more than 2,500 customers as of March 2021, with a dollar-based net retention rate of 117%.
Confluent was founded in 2014 and booked $263 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol CFLT. Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, Citi, Barclays, Credit Suisse, Deutsche Bank, UBS Investment Bank, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
