US-based data streaming technology provider Confluent has disclosed a filing for a $100m initial public offering on the Nasdaq Global Select Market that could give social network LinkedIn an exit.
Spun off by LinkedIn in 2014, Confluent is the developer of a software platform used by businesses to track changing data in real time. It increased revenue 58% to about $237m in 2020, though its net loss more than doubled from $95m to nearly $230m during that period.
The offering comes in the wake of $456m in funding, with LinkedIn having taken part in a $6.9m series A round in 2014 that was led by Benchmark and which also featured Data Collective.
Investment manager Coatue Management led the company’s most recent round, a $250m series E in April 2020 that included Altimeter Capital, Franklin Templeton and existing investors Index Ventures and Sequoia Capital, valuing it at $4.5bn.
Confluent’s largest shareholders are Benchmark, the owner of a 15.3% stake, Index Ventures (13%), company co-founder Jun Rao (10.6%) and Sequoia Capital (9.3%).
Morgan Stanley, JP Morgan Securities, Goldman Sachs, BofA Securities, Citigroup Global Markets, Barclays Capital, Credit Suisse Securities (USA), Deutsche Bank Securities, UBS Securities, Wells Fargo Securities, Cowen and Company, DA Davidson, JMP Securities, KeyBanc Capital Markets and Piper Sandler are the underwriters for the IPO.
