(Bloomberg) — Samsara Inc. filed for an initial public offering, adding to a record year for software listings in the U.S.
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The San Francisco-based company in its filing Friday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when terms of the share sale are set.
Samsara was aiming for its valuation in an IPO to exceed its $5.4 billion value in a $400 million funding round in 2020, Bloomberg News reported in February.
So far this year, 80 software companies have raised $36 billion in IPOs on U.S. exchanges, eclipsing the previous record of $20 billion in 2020, according to data compiled by Bloomberg. Two of this year’s newly public companies, Playtika Holding Corp. and AppLovin Corp., raised $2 billion or more in their listings.
Samsara’s software and hardware are designed to help businesses run physical operations such as fleet management more efficiently. The company had a net loss of $102 million on revenue of $303 million for the nine months ended Oct. 30, compared with a loss and revenue of $174 million a year earlier, according to its filing.
The company’s largest investors include affiliates of Andreessen Horowitz and General Catalyst. Its board of directors include Marc Andreessen, the co-founder of the venture capital firm, who also sits on the board of Facebook, now known as Meta Platforms Inc.
The offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Allen & Co. The company plans for its shares to trade on the New York Stock Exchange under the symbol of IOT.
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