Enterprise AI software maker C3.ai sets terms for $504 million IPO

C3.ai, which provides a SaaS platform for deploying enterprise AI applications, announced terms for its IPO on Monday.

The Redwood City, CA-based company plans to raise $504 million by offering 15.5 million shares at a price range of $31 to $34. Insider BlackRock and new investor Capital Research Global Investors intend to purchase a combined 20% of shares in the offering. Koch Industries and Microsoft intend to purchase a combined $150 million in a concurrent private placement. At the midpoint of the proposed range, C3.ai would command a fully diluted market value of $4.3 billion.

The company provides SaaS applications that enable the rapid deployment of enterprise-scale AI applications on Azure, AWS, the IBM Cloud, Google Cloud Platform, or on-premise. Its two primary families of software solutions include the C3 AI Suite, which is a comprehensive application development and runtime environment that is designed to allow its customers to

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C3.ai, machine learning startup backed by software pioneer Tom Siebel, files for IPO

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Tom Siebel, an early employee of database giant Oracle, later a billionaire after selling his eponymous software firm to Oracle, says his new venture, C3, is bigger than either of those.  

C3.ai, the artificial intelligence services company founded by software pioneer Tom Siebel, Friday evening filed for an initial public offering of $100 million worth of its shares, led by investment banks Morgan Stanley, JP Morgan, and Bank of America.

C3 plans to list under the ticker “AI” on The New York Stock Exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined, C3 said.

Siebel, who was recruited to database giant Oracle in 1983, later founded the eponymous enterprise customer relationship management software firm in 1993. He sold that company to Oracle in 2006 for $5.85 billion, and went on to found C3 in 2009. 

C3 came out

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