Citi Ventures-backed Braze priced the offering above its range and it valued the customer engagement software producer at almost $5.9bn.
US-based customer engagement technology provider Braze is floating on the Nasdaq Global Select Market today in a $520m initial public offering representing an exit for financial services firm Citi.
The offering involved the company issuing 6.7 million shares priced at $65.00 each, above the $55 to $60 range it had set last week. Venture capital firm Interwest Partners divested a further 1.3 million shares to raise $84.5m and the price values Braze at nearly $5.9bn.
Braze’s software allows businesses to generate and process customer data in real time in order to strengthen the contextual relevance of cross-channel marketing and support wider customer engagement activities.
The company increased its revenue 53% year on year to approximately $104m for the six months ending July 2021, though its net loss more than doubled from $12.4m to $25.8m over the same period.
Meritech Capital Partners, Spark Capital and Cross Creek had supplied…
