Transit Tech Provider Via Intends To Go Public – Forbes

Via cofounder and CEO Daniel Ramot
Via, a New York-based provider of ride services and transportation technology for transit agencies and companies, filed a confidential draft registration with the Securities and Exchange Commission outlining its intention to go public in the months ahead. 
The company isn’t providing details of the timing of the stock offering or which exchange it intends to trade on. Via said the number of shares to be sold and expected price range for offering haven’t been determined. The SEC filing comes a few weeks after Via raised $130 million in a private funding round that boosted its valuation to $3.3 billion. 
The closely held company has raised about $780 million since its founding in 2012, with backing from industrial giants like Shell and Ferrari parent Exor, along with BlackRock and numerous venture funds. Annual revenue was $225 million in 2019, the only year for which data is available, according to Pitchbook. The vast majority of its revenue comes from transit agencies and municipal governments, CEO Daniel Ramot told Forbes earlier this year. He also said at the time that it was Via’s intention to eventually go public.
“We work with cities, and we work with transit agencies,” he said. “They deploy taxpayer money to provide critical services to people. I think that kind of company should be subject to the scrutiny that the public market provides.”
Via works with cities including Miami, Jersey City, Los Angeles, Winnipeg and Arlington, Texas, providing a software platform for on-demand “microtransit” van rides, paratransit services, route-planning, driver scheduling, smartphone apps and other tools to help beleaguered urban transit systems lure commuters back. Its client list includes more than 500 transportation agencies in 35 countries, and its software powers ride services for the elderly, people with limited mobility, schools and colleges and vanpools for corporate customers.
(For more, see How This Shell-Backed Unicorn Is Rewiring Transit In Key Cities Like Miami And Los Angeles)
Its public offering plan coincides with the Biden Administration’s recently approved infrastructure program that, according to the White House, includes “$39 billion of new investment to modernize transit and improve accessibility for the elderly and people with disabilities, in addition to continuing the existing transit programs.”
Via said its registration statement should become effective after the SEC completes its review.