Samsara announces its first IPO, and it is widely accepted, raising the company $805 million, pushing the valuation to over $12 billion.
Samsara Inc. is a cloud platform provider for IoT (internet of things) data. They recently announced an initial public offering and raised $805 million. This was raised ahead of its debut in the market. The company sold 35 million shares at $23 per share, bringing the company valuation to $11.4 billion. They even had an underwriter option allowing the sale of an additional 5.25 million shares, which equates to $120.7 million in gross revenue. This is considered one of the biggest IPOs of 2021. After this IPO, the trade closed with a 7% increase, pushing the company valuation to over $12 billion.
What is Samsara
Samsara was founded in 2015, selling cloud-based platforms to organizations looking to gather and analyze their IoT data. It was primarily used for fleet management but can easily expand to a full-fledged SaaS service. Samsara allows organizations to get meaningful insights from this data to help organizations make informed business decisions. Samsara currently has over 200,000 clients, including big names such as Fortune 500 companies.
Before the IPO, Samsara had managed to secure $939.4 million backed by big names such as General Atlantic, AllianceBernstein, Warburg Pincus, Raison Asset Management, and several other backers.
Future of Samsara
As of right now, Samsara is still unprofitable. That being said, it is growing faster than other startups. Samsara already has $300 million in run-rate subscriptions, and the forecast shows an increase of 80%. As a result, Samsara is considered one of the fastest-growing startups globally. With Wall Street already showing interest, Samsara is well on its way towards massive numbers and success. The next step for Samsara is to show investors that their software does work and how it can be beneficial for several industries.