Confluent sets IPO terms, to raise up to $759 million

Confluent Inc. CFLT, has set terms of its initial public offering, which could value the California-based data infrastructure software company at up to $8.33 billion. The company is looking to raise up to $759 million in the IPO, as it is offering 23.0 million Class A shares and the IPO is expected to price between $29 and $33 a share. The stock is expected to list on the Nasdaq under the ticker symbol "CFLT." The company expects a total of 252.37 million Class A and Class B shares to be outstanding after the IPO. Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters. Confluent reported a net loss of $229.8 million on revenue of $236.6 million in 2020, after a loss of $95.0 million on revenue of $149.8 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF IPO, -1.65% has lost 3.1% over the past three months while the S&P 500 SPX, -0.20% has gained 7.2%.