C3.ai IPO prices well above expected range, valuing company at more than $4 billion

/ / News

C3.ai Inc.’s initial public offering priced late Tuesday well above the expected range, as the California-based enterprise artificial intelligence (AI) software company raised $651 million. The company had expected to raise up to $589 million earlier this week, when the expected IPO pricing was raised to between $36 and $38 a share from between $31 and $34 a share. The IPO pricing values the company at $4.05 billion. The stock is expected to begin trading Wednesday on the NYSE under the ticker symbol “AI.” The company is going public at a time that the Renaissance IPO ETF has soared 39.8% over the past three months while the S&P 500 has gained 8.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.