Author: Mary-Louise Hoffman|| Date Published: December 1, 2020
Enterprise artificial intelligence software developer C3.ai has made its official filing for an initial public offering and is poised to trade soon on the New York Stock Exchange under the symbol "AI."
The Redwood City, California-based company said Monday it plans to sell 15.5M shares of Class A common stock for the IPO with a $31 to $34 price range.
The offering, which received approval from the Securities and Exchange Commission, includes a 30-day option for underwriters to buy 2,325,000 more shares.
Morgan Stanley, J.P. Morgan and BofA Securities will be the joint lead book-runners in the IPO transaction, while Deutsche Bank Securities will serve as a book-running manager.
Joint managers of the proposed offering are Canaccord Genuity, Piper Sandler, Wedbush Securities, Needham & Co., JMP Securities and KeyBanc Capital Markets.
C3.ai offers a customer relationship management application to the government, nonprofit and contracting sectors.
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