The IPOX® Watch: C3.ai (AI US)
Company Description
Founded in 2009 as C3, C3.ai, Inc is an Enterprise AI software-as-a-service (SaaS) company, headquartered in Redwood City, CA. C3.ai develops and provides software solutions that delivers ready-to-use enterprise AI applications and integrated platform of deep code, low code, and no code tools for rapid industry-specific and application-specific AI solutions development, production and deployment, and operation.
Business Model
C3.ai generates revenue from the subscriptions including purchasing the C3 AI Suite, C3 AI Applications and usage-based runtime fees. C3.ai also generates revenue from professional services primarily associated with implementation services for new customer deployments.
IPO History
On 12/09/2020, C3.ai, Inc began trading on the NYSE led by Morgan Stanley. The Enterprise AI software company offered 15.5 million shares, at $42.00 per share, above its elevated expected price range ($36-$38). C3.ai was valued at ca. $4.00 billion at offer with the 15% over-allotment option fully exercised. The shares soared to open at $100.00 and closed the first day at $92.49 (+120.21%).
Entities affiliated with Koch Industries and Microsoft purchased a combined $150 million in a private placement immediately subsequent to the closing of the offering.
C3.ai Inc was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 03/20/2023 and has gained +103.66% since addition to the indexes.
