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Dec. 15, 2021, 6:48 a.m. EST

Cloud-based internet of things company Samsara's IPO prices at $23 a share, high end of range

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By Ciara Linnane

Samsara Inc. /zigman2/quotes/231563743/composite IOT -0.66% , a cloud-based internet of things company, said Wednesday its initial public offering priced at $23, the upper end of its proposed price range of $20 to $23. The company sold 35 million shares to raise $805 million a valuation of $11.5 billion. The stock will start trading later Wednesday on the New York Stock Exchange, under the ticker "IOT." Morgan Stanley, Goldman Sachs, JPMorgan and Allen & Co. were lead underwriters in a syndicate of 16 banks. Founded in 2015, Samsara IOT 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. The company estimates a total addressable market of about $54.6 billion by the end of 2021, and $96.9 billion by the end of 2024. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -3.19% has fallen 13% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.53% has gained 23%. For more on Samsara, click here.

/zigman2/quotes/231563743/composite
US : U.S.: NYSE
$ 10.59
-0.07 -0.66%
Volume: 539,235
May 20, 2022 1:57p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.42 billion
Rev. per Employee
$265,065
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 29.43
-0.97 -3.19%
Volume: 99,311
May 20, 2022 1:53p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,840.96
-59.83 -1.53%
Volume: 1.62B
May 20, 2022 1:58p
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