Life360 prices Nasdaq IPO at US$27 to raise US$155m
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The news: Life360 has priced its US initial public offering at USD27 per share ($40.54) to raise USD155.25 million as the company begins trading on the Nasdaq on Thursday.
The numbers: The family tracking app company said it was offering 5.75 million shares of its common stock.
The offering is comprised of 3.7 million common stock shares of new shares and a sale of 2 million shares by existing shareholders. The company noted it would not receive any proceeds from the sale of the shares by existing shareholders.
The context: The proceeds of the IPO will be used to increase its capitalisation and financial flexibility, create a public market for its common stock in the US and for general corporate purposes, including working capital, operating expenses and capital expenditures.
Last month, Life360 told investors it would look next to European countries for its next phase of international expansion.
The source: ASX announcement
