Artificial Intelligence Firm C3.ai Raises IPO Price Range

C3.ai is the latest firm to boost its initial range in the face of strong demand for initial pubic offerings.
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(This story has been corrected. The original version incorrectly reported Jordache would be holding an initial public offering in December).

The initial public offering market in 2020 remained hot Monday with enterprise artificial intelligence company C3.ai raising its pricing to between $36 and $38 per share.

The Redwood City, California-based company previously had a debut range between $31 and $34 per share.

The company is looking to offer 15.5 million shares and raise up to $589 million at the top of its range, up from its previous $527 million top-of-range estimate. 

Morgan Stanley, JPMorgan and Bank of America are acting as the lead book-runners for the offering, with those firms being granted a 30-day option to purchase an additional 2.325 million shares. 

C3 will trade on the New York Stock Exchange under the ticker symbol "AI" once it debuts. 

C3 reported $157 million in fiscal 2020 revenue, including $42 million in the fourth quarter. 

In separate IPO news, Airbnb is expected to boost the price range of its initial public offering as the online home-rental platform looks to take advantage of the hot IPO market this year -- even as the coronavirus has slammed global business and leisure travel.

Airbnb said in an amended SEC filing that it planned to lift the price range of its IPO to between $56 and $60 a share from $44 to $50 previously. The new range would give the company a valuation of as high as $42 billion.

A flurry of IPOs are expected this month, typically a quiet month for IPOs, including food-delivery company DoorDash, virtual building video game giant Roblox and ContextLogic, the parent of online retailer Wish.