Samsara, an internet-of-things company, said its initial public offering was priced at $23 a share, the high end of its expected range.
Samsara sold 35 million Class A shares in the offering, raising $805 million. At $23, Samsara is valued at $11.5 billion.
The stock will begin trading Wednesday on the New York Stock Exchange under symbol “IOT.”
Morgan Stanley, Goldman Sachs, J.P. Morgan and Allen & Co. are lead underwriters on the deal.
Founded in 2015 by CEO Sanjit Biswas and John Bicket, chief technology officer,Samsara provides a connected operations cloud and sensors that are used by companies to manage their vehicle fleets and industrial operations.
Samsara’s technology collects data including video footage, people and motion detection, GPS location, and energy consumption. Companies can use this information to improve safety, lower insurance costs and reduce the need for manual oversight and judgment, the prospectus said.
It has more than 13,000 core customers, which it defines as entities with annual recurring revenue of greater than $5,000, including small businesses, state and local governments, and large, global enterprises.
Samsara reported losses of $102.3 million for the nine months ended Oct. 30, compared with losses of $174 million in the same period a year earlier. Revenue rose 74% to $302.6 million during the period.