Samsara Inc. said Wednesday its initial public offering priced at $23 a share, the high end of its recently forecast range.
With Samsara
IOT
offering 35 million shares, that raises the number of outstanding shares to 465.4 million shares valuing the company at $10.7 billion. That figure does not include an option of an additional 5.3 million shares for underwriters such as Morgan Stanley, Goldman Sachs, JPMorgan to cover overallotments.
The stock is scheduled to begin trading under the ticker “IOT” on the New York Stock Exchange on Wednesday.
Last week, Samsara estimated pricing its shares between $20 and $23 apiece.
Founded in 2015, Samsara offers a cloud-based platform that allows businesses to use Internet-of-Things connected devices that can range from video cameras to data-collecting equipment to help run operations.
Read: Samsara IPO: 5 things about the cloud-based operations company
Samsara is launching its IPO at a time when shares of recently public companies are struggling. The Renaissance IPO ETF
IPO,
is down 14% over the past 12 months versus a 27% gain on the on the S&P 500 index
SPX,
