Life360 shares lift on Nasdaq IPO launch
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More news: Shares in Life360 rose more than 3% to $15.64 in early trading after the technology firm behind the popular family tracking app launched its initial public offering on the Nasdaq.
Its 5.75 million-share offer includes a sale of 2.464 million shares by existing shareholders, with the proceeds to be used for improving financial flexibility.
Life360 launches IPO on Nasdaq
The news: Life360, the technology firm behind the popular family tracking app of the same name, has launched its initial public offering on the Nasdaq.
The numbers: The San Francisco-based company will offer a total of 5.75 million shares, comprising 3.286 million new shares and a sale of 2.464 shares by existing shareholders.
Selling shareholders also have a greenshoe option to divest an additional 862,500 shares.
While it is yet to announce the pricing, Life360 last month flagged plans to raise up to USD100 million ($149 million) through the IPO.
The context: Life360 said the proceeds would be used to improve its financial flexibility.
Last month, it reported a quarterly net loss of USD9.7 million, an improvement from the USD14.1 million loss a year ago. Revenue rose 15% to USD78.2 million.
The tracking app allows users to share their locations with each other. Since listing on the ASX in 2019, the company has delivered solid subscription and earnings growth from its core business. It is now integrating advertising as a new revenue stream.
The source: ASX announcement
