Via, an on-demand shuttle service and software firm has filed a secret registration statement to go public, according to the company. As is common for this type of announcement, the firm has not yet specified how many shares would sell or what the price range for the proposed sale will be. Via has filed a private application for a public listing before the end-of-year market freeze, following in the footsteps of Reddit. Both firms are expected to launch in early 2022.
Given the approaching Christmas season, why file now? Via has had a string of strong quarters, so having its ducks in a row – or shuttles in a line? – For an early-early IPO is not a risky move. It is understandable, considering that, despite recent falls, tech valuations remain robust. Companies that are able to go public should take advantage of the IPO window while it is still open.
Via has raised $777.1 million in known fundraising from investors such as Macquarie Capital, Mori Building, Shell, 83North, Broadscale Group, Ervington Investments, Hearst Ventures, Planven Ventures, Pitango, and RiverPark Ventures, according to Crunchbase. Via announced a $130 million funding round last month, valuing the on-demand shuttle and software firm at $3.3 billion. In retrospect, we believe that was a pre-IPO round. The capital event followed TransitTech, Via’s software platform, growing year over year to approach a $100 million annual run rate.
Simply said, via has crossed the threshold of IPO size in terms of revenue, ignoring the company is other potential revenue streams. As a result, the timing of its IPO makes sense once more. Beyond the software income, the firm now has over 500 partners, including the Los Angeles Metro, Jersey Local, and Miami, after taking five years to acquire its first city agreement.
Via’s life has not been without bumps. During the epidemic, the company had uneven demand for its products. While ridership initially declined because of the epidemic, communities shifted their priority to emergency services, resulting in increased demand for Via’s software platform. Given the sticky nature of a city contract, this is fantastic news from a business standpoint. Via has been beefing up its activities in recent years, possibly hinting at intentions for a public debut. Remix, which designed software for communities to utilize for transportation planning and street design, was purchased for $100 million by the business in March. Fleetonomy also bought.
Via will not be the only mobility company aiming for a public debut in 2022. Voi Scooters received $115 million in a Series D round last month in preparation for its IPO, while Kakao Mobility was valued at $4.2 billion ahead of its reported IPO. Once we get our hands on the file, TechCrunch has a list of questions for it. We are interested, for example, if the firm can achieve standard SaaS 144 margins while selling to governments. How long do its sales cycles last?
What is more, how well established is its primary market? In addition, where did all of the money raised go? Will I see it in my cash flow investments or operational losses? Overall, the IPO cycle in 2022 is shaping up to start with a slew of intriguing debuts.