Shares of Samsara Inc.
a cloud-based internet of things company, jumped 8% in their trading debut Wednesday, after its initial public offering priced at $23, the upper end of its proposed price range. The company sold 35 million shares to raise $805 million a valuation of $11.5 billion. The stock is trading on the New York Stock Exchange, under the ticker “IOT.” Morgan Stanley, Goldman Sachs, JPMorgan and Allen & Co. were lead underwriters in a syndicate of 16 banks. Founded in 2015, Samsara IOT offers a cloud-based platform that allows businesses to use Internet-of-Things connected devices that can range from video cameras to data-collecting equipment to help run operations. The company estimates a total addressable market of about $54.6 billion by the end of 2021, and $96.9 billion by the end of 2024. The Renaissance IPO ETF
has fallen 13% in the year to date, while the S&P 500
has gained 23%. For more on Samsara, click here.