A
Alex Wilhelm
Guest
The final IPO that TechCrunch is tracking in 2021 had a solid run-up to its first day’s trading. Samsara, an IoT platform company, priced its public offering last night at every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
In selling 35 million shares, the company had gross initial proceeds of \)"> 805 million from its IPO. That number could scale by 5.25 million shares, or
Ahead of Samsara’s public trading this morning, we’re taking a brief look at its final IPO valuation and final revenue multiples, then chatting about the recent downturn in SaaS prices and what could be on the horizon.
23 per share?
There are two valuations that we care about regarding Samsara’s IPO. We want its simple, or non-diluted, valuation. And we want its fully diluted valuation. The latter number will include more total shares, adding equity that has been vested through options and the like, but not yet exercised.
Per our prior calculations, here’s where the numbers sit for the now-public entity:
Our math also indicated that Samsara is worth around 27x its most recent run rate at the latter valuation. That’s a multiple that many companies would have killed for in the past, but compared to recent norms it feels a bit, well, small?
In selling 35 million shares, the company had gross initial proceeds of \)">
What’s Samsara worth at \)">
There are two valuations that we care about regarding Samsara’s IPO. We want its simple, or non-diluted, valuation. And we want its fully diluted valuation. The latter number will include more total shares, adding equity that has been vested through options and the like, but not yet exercised.
Per our prior calculations, here’s where the numbers sit for the now-public entity:
- Samsara simple IPO valuation
11.6 billion - Samsara fully diluted IPO valuation at
12.4 billion
Our math also indicated that Samsara is worth around 27x its most recent run rate at the latter valuation. That’s a multiple that many companies would have killed for in the past, but compared to recent norms it feels a bit, well, small?