Life360, the US-based family-tracking technology provider backed by corporates ADT, BMW and Duchossois Group, is set to raise approximately $104m in an initial public offering in Australia.
The company plans to issue approximately 30 million shares priced at A$4.79 ($3.43) each and will achieve a valuation of $494m when it goes public on the Australian Stock Exchange on May 10.
The flotation would represent the exchange’s largest since management software provider Bravura Solutions raised $111m in 2016, Reuters reported, citing information from financial data platform Refinitiv.
Founded in 2008, Life360 provides web and mobile apps that allow family members to locate each other on a map and receive notifications when others arrive at a certain location, such as school or work.
The app also supports private and group messaging, and Life360 has also added a feature that can detect when a user is involved a car crash, automatically contacting emergency services.
The company has raised at least $92m in funding, according to press statements and regulatory filings, and its early backers include Fontinalis Partners, Bessemer Venture Partners, 500 Startups, Kapor Capital, Venture51, Bullpen Capital, Social Leverage and EchoVC Partners.
Carmaker BMW injected an undisclosed sum in the company in 2013 through its corporate venturing unit, BMW i Ventures, before venture capital firm DCM Ventures led a $10m round later the same year.
Duchossois Group, which distributes access control products for commercial and residential properties, supplied $7m for the company towards the end of 2013, before home security product maker ADT provided $25m in series C capital in 2014. Life360 added $18.5m in late 2017, according to a securities document.
Credit Suisse and Bell Potter are joint lead managers for the IPO while DLA Piper is legal adviser. The company will use proceeds from the offering to drive international growth and also plans to develop home and car insurance offerings as well as home security devices.
John Coghlan, chairman of Life360, said: “Our ultimate goal is to disrupt the multi-billion dollar security and insurance industries.”
