Event streaming platform Confluent targets over $8 billion valuation in U.S. IPO

[June 16, 2021]  (Reuters) -Confluent Inc, a real-time event streaming platform, is looking to raise as much as $759 million in a U.S. initial public offering, targeting a valuation of about $8.3 billion, a regulatory filing showed on Wednesday.

The Mountain View, California-based company plans to offer 23 million shares and has set a price range of $29 to $33 per share. It has applied to list its common stock on the Nasdaq under the ticker symbol "CFLT".

Founded in 2014 by former LinkedIn employees Jay Kreps, Jun Rao and Neha Narkhede, Confluent counts Expedia Group Inc, Intel Corp, Humana Inc and Citigroup Inc as some of its major customers.

Confluent, which had confidentially filed to go public in April, said its revenue jumped about 58% in 2020 and 51% to $77 million in the three months ended March 31.

The company, whose investors include venture capital firms Sequoia Capital and Index Ventures, was valued at $4.5 billion in April 2020, according to PitchBook.

Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters for the offering.

(Reporting by Sohini Podder in Bengaluru; Editing by Anil D'Silva)

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