Internet of Things security software company Samsara announced plans to sell shares to the public, according to records filed with the US Securities and Exchange Commission (SEC).
The number of shares offered and price-per-share guidance was not disclosed. Samsara has applied for listing on the NYSE under the ticker IOT. Settlement is to be determined.
Allen, Goldman Sachs, JPMorgan Securities and Morgan Stanley are acting as joint-lead underwriters for the offering, with RBC Capital Markets, Wells Fargo Securities, Evercore ISI and William Blair as book-running managers. An undetermined percentage of additional shares will be allocated to the underwriting group.
San Francisco, California-based Samsara manufactures and sells software to private industry and local municipalities which manages devices interconnected over its subscription-based cloud service. As of 31 October, Samsara reported over 13,000 subscribers at a roughly $5,000 annual recurring revenue per subscriber. Subscriptions accounted for roughly 98% of Samsara’s revenues over the previous two fiscal years.
Samsara reported a $210.2m loss, or $0.98 per share, for its fiscal year ended 1 February, on $249.9m in revenue. Through the first three quarters of its fiscal 2022 through 30 October, Samsara reported a $102.3m loss or $0.42 per share, on $302.6m in revenue.
The full fiscal year 2021 results represent a 74% narrowing of losses on 108% in revenue growth, the company added.
Samsara, which Forbes valued at $5.40bn as of 10 August, has raised $880m in private-equity and venture-capital funding over four rounds of convertible Series D, Series E and Series F notes sales since 2018. Most recently, in May 2020, Samsara sold 36.2 million convertible notes at $11.06 per share raising $400m.
The largest private equity shareholders in Samsara are Andreessen Horowitz with 20.1% and Catalyst General with 11.6% of the company’s Class B shares.
A Samsara representative declined comment, citing the SEC quiet period following its S-1 shelf registration filing.
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