Samsara sets IPO terms, which could value the Internet-of-Things company at over $11 billion

Samsara Inc. /zigman2/quotes/231563743/composite IOT +4.36% has set terms for its initial public offering, in which the California-based Internet-of-Things data company is looking to raise up to $805.0 million. The company is offering 35.0 million Class A shares in the IPO, which is expected to price between $20 and $23 a share. With a total of about 500.35 million Class A and Class B shares expected to be outstanding after the IPO, the expected pricing would value the company at up to about $11.5 billion. The stock is expected to list on the NYSE under the ticker symbol "IOT." Morgan Stanley, Goldman Sachs, J.P. Morgan and Allen & Co. are the lead underwriters. The company recorded a net loss of $102.3 million on revenue of $302.6 million during the nine months ended Oct. 30, compared with a loss of $174.0 million on revenue of $174.0 million in the same period a year ago. The company is looking to go public during a rough market environment for IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.32% has tumbled 18.0% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.11% has gained 1.1%.