Join our daily newsletter At The Bell to receive exclusive market insights
San Francisco based Life360, has announced the launch of an initial public offering which will see the location app tech company listing on the Nasdaq under the ticker symbol LIF.
The ASX-listed company said it would be offering 5,75 million shares of its common stock alongside an over allotment of 862,500 shares.
Life360 intends to use the net proceeds it receives from the proposed offering to increase its capitalization and financial flexibility, to create a public market for its common stock in the United States and for general corporate purposes, including working capital, operating expenses and capital expenditures.
The company said with headquarters already in the United States, it views the IPO and increased exposure to U.S. investors as a natural next-step in its growth trajectory.
Goldman Sachs & Co. LLC, Evercore ISI and UBS Investment Bank are acting as joint book-running managers for the proposed offering, with Stifel an additional book-running manager.
Life360 was trading 1.5% up at $15.41.
