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CLEAR Secure Inc, a well-known identity verification platform, is all set to join the big league of publicly listed companies on Wall Street.
Founded in 2010, CLEAR Secure uses biometric technology to authenticate user identity. It was launched with the intent to ensure added security in a post 9/11 world without disrupting travel experiences.
It claims to have a member base of over 5.6 million and more than 100 unique locations and partners within North America.
The firm said on Wednesday, June 23, that it is looking to launch its stocks under the ticker symbol of ‘YOU’ on the New York Stock Exchange (NYSE).
Let’s explore CLEAR Secure’s IPO plans in details.
CLEAR Secure IPO size, valuation, stock price, etc
CLEAR Secure said on Wednesday that it plans to present a total of 13.2 million shares at its initial public offering (IPO), at a price of about US$ 27 to US$ 30 apiece.
If the company manages to sell its shares at the upper end of this price range, it could raise as much as US$ 396 million in gross proceeds from its IPO. At the lower end, it would generate about US$ 356.4 million.
The New York-headquartered enterprise is said to have a valuation of about US$ 4.34 billion.
Beyond the IPO, CLEAR Secure plans to extend a 30-day option to its underwriters to buy up to another 1.98 million shares at the finalized IPO price, minus underwriting discounts and commissions.
Investment banking firm Goldman Sachs and securities brokerage entity JP Morgan Securities are among the group of book-runners leading CLEAR Secure’s IPO, while consulting firm Telsey Advisory Group and broker dealer Loop Capital Markets, among others, act as co-managers.
As of May this year, CLEAR Secure's technology was used across 38 airports, 67 Health Pass-supported partners, etc. It reported in its latest filing that it recorded sales worth US$ 220 million in the year ending March 31, 2021.
The US Department of Homeland Security is said to have awarded the company with the highest certification rating for its information security program.
The security solutions provider is expected to price its IPO by the end of June.
As it is yet to disclose the date of its IPO, investors could either wait for its debut on the NYSE to invest in CLEAR Secure or seek a consultation with an advisory firm regarding pre-IPO trading.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
