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Highlights
- Braze announced on Monday, November 8, that it will offer 6.7 million shares of Class A Common Stock through the initial public offering.
- In Form S-1 filed with the Securities and Exchange Commission, Braze said that its IPO will have two classes of common stock.
- Braze is looking to go public as it wants to use the gross proceeds to increase the company's capitalization.
The New York-based customer engagement platform Braze, Inc. has set terms for the initial public offering and announced on Monday, November 8, that it will offer 6.7 million shares of Class A Common Stock through the offering.
According to the revised prospectus filed by the company, an additional 1.3 million shares of the Class A common stock will be sold by the selling stockholders identified in the prospectus.
Braze has set the price range of the shares between US$ 55 to US$ 60 per share and it will likely trade on the Nasdaq Global Select Market.
Braze IPO: Key details
The company expects to generate US$ 358.8 million in gross proceeds from the offering if the shares are sold at US$ 57.5 apiece, which is the midpoint of the estimated price range of the shares set by the company.
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Braze is looking to go public as it wants to use the gross proceeds to increase the company's capitalization and achieve financial flexibility. The company could also use a portion of the money raised for acquiring businesses, technologies and products or services.
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The COVID-19 pandemic has increased the demand for information technology solutions and the customer engagement platform could grow in future as emerging technologies are expected to transform the digital industry.
Braze has applied to trade under the stock symbol BRZE and the leading underwriters for the IPO are Barclays, Goldman Sachs & Co. LLC, J.P. Morgan, and Piper Sandler among others.
Bottom line
Braze claims that it has the potential to stay on top of the customer engagement evolution. The company claims that it can maintain this leadership position due to its teamwork and strategies.
As of July 2021, Braze had more than 1,000 global customers and in the last three years, the company claims that the scale of its platform has grown substantially.
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Braze's platform enabled its clients to interact with 3.3 billion monthly active users (MAUs) till July 2021, in comparison to 2.3 billion MAUs in January 2020.
