Clear Secure, which provides a biometric identity verification platform, announced terms for its IPO on Wednesday.
The New York, NY-based company plans to raise $376 million by offering 13.2 million shares at a price range of $27 to $30. At the midpoint of the proposed range, Clear Secure would command a market value of $4.1 billion.
Clear Secure's secure identity platform uses biometrics such as eyes, face, and fingerprints to automate the identity verification process in CLEAR lanes at airports, in-person events, and healthcare facilities. The company's main offerings include CLEAR Plus, a consumer aviation subscription service that enables predictable and fast airport security experiences, and two mobile apps, including its flagship CLEAR app. As of May 31, 2021, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.
Clear Secure was founded in 2010 and booked $220 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol YOU. Goldman Sachs, J.P. Morgan, Allen & Company, Wells Fargo Securities, LionTree, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
