Monday, 1 July 2024, Bengaluru, India
Solera Corp is an automotive data startup that filed for its IPO with the U.S. Securities and Exchange Commission. The filing shows the growing interest of investors in first-time share offerings after successful public launches from tech companies including Reddit and Raspberry Pi Holdings. The company is planning to raise $1.5 billion via its Initial Public Offerings. The number of shares to be issued in Solera’s IPO is still not disclosed.
Some people close to the deal told Reuters that the company aims to raise $1.4 billion at a valuation of $10 billion to $13 billion. Solera is an automotive big-data analytics company that analyses the lifecycle of cars, bikes, and other vehicles to offer insights to customers including car insurers and dealers. These data insights enable customers to address vehicle repairs, and vehicle claims while enabling predictive maintenance for vehicles. Solera Corporation claims to have more than 280,000 customers across the world. The firm is backed by Vista Equity Partners and is expected to begin marketing IPO to investors next month.
The year has been good for US IPOs so far, many newly listed startups raised over $21 billion in the first six months. Recently, Astera Labs, a computer chips supplier for cloud data centers secured $712.8 million via IPO followed by Reddit which secured over $500 million on the same day. Rubrik, a security software company secured $752 million on its public listing. Healthcare-based Artificial intelligence company, Tempus AI also secured $410 million.
The company reported its net loss of around 486 million USD on revenue of 2.44 billion USD at the end of March FY24. Solera mentioned that the company will use these fresh proceeds to scale its operations, meet general purposes, and expand in the market. The company aims to offer key data insights to grow its revenue for its customers. After this IPO round Vista is expected to hold the biggest stake in the company.
Conclusion:
Automotive data startup Solera Corp filed its IPO to raise $1.5 billion. The startup plans to use these fresh proceeds to meet general corporate purposes, scale operations, and meet market demand. The filing shows investors’ growing interest in first-time share offerings after successful public launches from tech companies including Reddit and Raspberry Pi Holdings. The company is planning to raise $1.5 billion via its Initial Public Offerings. The number of shares to be issued in Solera’s IPO is still not disclosed. Solera is an automotive industry-focused big-data analytics company that analyses the lifecycle of cars, bikes, and other vehicles to offer insights to customers including car insurers and dealers. These data insights enable customers to address vehicle repairs, and vehicle claims while enabling predictive vehicle maintenance. The startup has further than 280,000 customers across the world. The company is backed by Vista Equity Partners and is anticipated to begin selling IPO to investors coming month. After this IPO round, Vista Equity will have the majority of the company’s stake.
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