C3.ai, which provides a SaaS platform for deploying enterprise AI applications, raised $651 million by offering 15.5 million shares at $42, well above the upwardly revised range of $36 to $38. The company had originally planned to offer 15.5 million shares at a range of $31 to $34. BlackRock and Capital Research had indicated on an aggregate 20% of shares in the offering. Separately, Koch Industries and Microsoft had agreed to invest $100 million and $50 million in concurrent private placements, respectively. At pricing, the company raised 14% more in proceeds than anticipated.
C3.ai plans to list on the NYSE under the symbol AI. Morgan Stanley, J.P. Morgan, BofA Securities and Deutsche Bank acted as lead managers on the deal.
The article Enterprise AI software maker C3.ai prices IPO at $42, well above the upwardly revised range originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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