Confluent aims for $8 billion IPO

News

Ella Jones, Deputy Editor In Chief

Date: 21.06.2021

Confluent Inc is aiming for a valuation of about $8.3 billion in a U.S. initial public offering, cashing in on a surge in demand for live-streaming software as companies move online due to the COVID-19 pandemic.

California-based company plans to offer 23 million shares and has set a price range of $29 to $33 per share, according to a regulatory filing on Wednesday, looking to raise up to $759 million.

Confluent, which in April confidentially filed to go public, said revenue jumped about 58% in 2020 and 51% to $77 million in the first three months of this year. It was valued at $4.5 billion in April last year, according to PitchBook.

The company is backed by venture capital firms Sequoia Capital, Benchmark Capital Partners VIII LP and Index Ventures.

Confluent uses Apache Kafka, an open source event streaming platform, used by 70% of Fortune 500 companies.

Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters.

by Ella Jones | Linkedin

#News #IPO #ICO #Confluent #Wcryptn.com

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