Samsara IPO Seeks $11.5 Billion Valuation

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Internet of things company Sansar on Monday set the terms for its initial public offering.

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Sansar said it plans to offer 35 million shares at $20 to $23 each, According to a December 6 prospectus. It will trade on the New York Stock Exchange under the ticker IOT. Morgan Stanley, Goldman Sachs,
JPMorgan and Allen & Company are the principal underwriters on the deal.

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At $23, the world’s valuation could reach $11.5 billion. That’s more than double the $5.4 billion valuation for the company during its last funding round in 2020. Sansar will price its deal on Tuesday, December 14 and trade the next day, said a person familiar with the situation.

Samsara’s offer comes ahead of the Christmas holiday due to the slowdown in the IPO market. Some new issues are expected broadly this week, including the IPO of Brazilian digital lender Nubank, which is targeting a valuation of about $41.5 billion, and Hashicorp, a cloud software provider with a market capitalization of $13 billion. is demanding.

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Founded in 2015 by CEO Sanjit Biswas and John Bickett, Chief Technology Officer, Sansar provides a connected operations cloud and sensors that companies use to manage their vehicle fleets and industrial operations. (Biswas and Bickett previously co-founded Meraki, a cloud infrastructure startup that He gave Cisco 20. sold in12,

Samsara’s technology collects data including video footage, people and motion detection, GPS location and energy consumption. The prospectus said companies can use this information to improve safety, reduce insurance costs, and reduce the need for manual inspections and judgments.

It has more than 13,000 core customers, which it defines as entities with annual recurring revenue of more than $5,000, including small businesses, state and local governments, and large, global enterprises.

The City of Boston Uses Samsara’s Technique Manage your fleet of electric vehicles (EVS) and Snow. Other customers include Windy City Limousines, City of Fort Lauderdale and Delta Constructors. The company’s website said.

The world is not profitable. Losses narrowed to $102.3 million for the nine months ended October 30, compared to a loss of $174 million for the same time period in 2020. Revenue increased 74% to $302.6 million. for the period October 30.

The prospectus states that after the IPO, Biswas will have 25% of the total voting power, while Biswas, who is also the executive vice president, will have 24.3%. Andreessen Horowitz, a venture capital firm that invests in tech startups, will hold about 18%.

Write to Louisa Beltran at [email protected]

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