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Highlights:
- Via Transportation will go public through the traditional IPO route and not a SPAC merger.
- Via IPO is getting attention as investors search for its stock, and its name surfaced on trending charts.
- Goldman Sachs will most likely be the lead underwriter for Via IPO.
The New York-based public transport and technology company Via Transportation Inc. wants to go public in the US equity markets and has filed its documents confidentially with regulatory authorities.
Via Transportation was reportedly valued at around US$ 3.3 billion after a recent funding round. The company has reportedly roped in Goldman Sachs Group Inc. for its public debut plans.
Earlier this year, it was reported that Via Transportation would merge with a special purpose acquisition company (SPAC). However, it has opted to take the traditional IPO route.
Some companies choose to file their documents confidentially with the US Securities and Exchange Commission (SEC) and later reveal their IPO details. Last week, social media platform Reddit had filed its documents secretly with the SEC.
Key details about Via Transportation
So far, Via Transportation has raised US$ 777.1 million in funding, and its investors include Hearst Ventures, Shell, 83North, and Ervington Investments, among others.
In November, the public transport company had raised US$ 130 million in a funding round after its software platform TransitTech doubled year-over-year (YoY) and exceeded an annual run rate of US$ 100 million.
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The IPO plans come after the company recently halted its shared van service in Washington and New York. Via Transportation took this decision as it wants to build software and smartphone applications for public transport systems.
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The company's business operations are based on algorithms and adjust schedules and routes to dispatch shuttles, buses, and vans to pool people together and send them in the same direction.
Bottom line
The details of the IPO are not out yet, and it seems that the price range and the number of shares to be offered will be out sometime next year.
Retail investors cannot invest in Via IPO at the moment. Once the company gets approval from the SEC, Via Transportation could offer its pre-IPO stock to the investors through trading platforms like Robinhood.
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