Internet of Things security software company Samsara announced plans to sell shares to the public, according to records filed with the US Securities and Exchange Commission (SEC).
The number of shares offered and price-per-share guidance was not disclosed. Samsara has applied for listing on the NYSE under the ticker IOT. Settlement is to be determined.
Allen, Goldman Sachs, JPMorgan Securities and Morgan Stanley are acting as joint-lead underwriters for the offering, with RBC Capital Markets, Wells Fargo Securities, Evercore ISI and William Blair as book-running managers. An undetermined percentage of additional shares will be allocated to the underwriting group.
San Francisco, California-based Samsara manufactures and sells software to private industry and local municipalities which manages devices interconnected over its subscription-based cloud service. As of 31 October, Samsara reported over 13,000 subscribers at a roughly $5,000 annual recurring revenue per subscriber. Subscriptions accounted for roughly 98% of Samsara’s revenues over the previous two fiscal years.
Samsara reported a $210.2m loss, or $0.98 per share, for its fiscal year ended 1 February, on $249.9m in revenue. Through the first three quarters of its fiscal 2022 through 30 October, Samsara reported a $102.3m loss or $0.42 per share, on $302.6m in revenue.
The full fiscal year 2021 results represent a 74% narrowing of losses on 108% in revenue growth, the company added.
Samsara, which Forbes valued at $5.40bn as of 10 August, has raised $880m in private-equity and venture-capital funding over four rounds of convertible Series D, Series E and Series F notes sales since 2018. Most recently, in May 2020, Samsara sold 36.2 million convertible notes at $11.06 per share raising $400m.
The largest private equity shareholders in Samsara are Andreessen Horowitz with 20.1% and Catalyst General with 11.6% of the company’s Class B shares.
A Samsara representative declined comment, citing the SEC quiet period following its S-1 shelf registration filing.
Read more: Strong US debut for SentinelOne
Rate this article
Ready to get started?
The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.