Billionaire tech entrepreneur Tom Siebel founded C3.ai said on Monday the software company was looking to raise up to $527 million in its initial public offering.
C3.ai said it plans to sell 15.5 million shares priced between $31 and $34 apiece. It will list its shares on the New York Stock Exchange under the ticker symbol "AI".
The company is among the numerous Silicon Valley startups that are rushing to capitalize on investor frenzy for new tech stocks. Palantir Technologies , Snowflake Inc and Unity Software U.N all went public this year.
Reuters first reported in October that C3.ai has hired investment banks to help it prepare for an IPO.
C3.ai builds predictive analytics systems to help customers with maintenance and repair work, fraud detection, money laundering prevention and other services, and counts Royal Dutch Shell RDSa.L , the U.S. Air Force, the U.S. Department of Defense and 3M among its customers.
Morgan Stanley, J.P. Morgan and BofA Securities are acting as the lead book-running managers for the proposed offering.
Separately, Pubmatic, which develops software for digital ?advertising businesses, said it was looking to raise up to $106 million in its IPO.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli) ((email@example.com; Within U.S. +1 646 223 8780; Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))