MSFT Microsoft Corporation

By Colin Kellaher

C3.ai Inc. on Monday said it plans to sell 15.5 million shares at between $31 and $34 apiece in its initial public offering.

At the $32.50 midpoint of that range, the Redwood City, Calif., enterprise artificial-intelligence software company said it expects net proceeds of about $613.5 million, or roughly $684.2 million if the underwriters exercise an option to buy an additional 2.33 million shares.

C3.ai Inc., founded by technology entrepreneur Tom Siebel, said an affiliate of Koch Industries Inc. has agreed to buy $100 million of common stock and Microsoft Corp. has agreed to buy $50 million of common stock in a private placement at the IPO price.

C3.ai said it would have roughly 99.2 million shares outstanding after the IPO and private placement, assuming exercise of the overallotment option, for a valuation of about $3.22 billion at the $32.50-a-share midpoint.

C3.ai said Mr. Siebel will hold or control about 72% of its voting power following the IPO and private placement. The company said it has been approved to list its shares on the New York Stock Exchange under the symbol AI.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 30, 2020 06:58 ET (11:58 GMT)

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