Transit-tech firm Via reveals revenue gains in US IPO filing
The company posted a net loss of $37.5 million on revenue of $205.8 million for the six months ended June 30, narrowing from a net loss of $50.4 million on $162.6 million in revenue a year earlier.
Founded in 2012, New York-based Via develops technology that powers public transit systems in hundreds of cities across more than 30 countries. Via first confidentially filed for an IPO in late 2021. The company was valued at $3.5 billion in a 2023 funding round led by venture firm 83North. Other major shareholders include Exor, the investment firm of Italy's Agnelli family. U.S. initial public offerings have rebounded strongly following a slowdown in April caused by tariff-driven volatility. "During the next few weeks, IPO activity is expected to be seasonally subdued. Afterwards, we expect U.S. IPO activity to continue to come in at a brisk pace, driven by strong sentiment for stocks as a whole," IPOX CEO Josef Schuster said. Via derives more than 90% of its revenue from government contracts, with the rest coming from corporations and universities - a potential over-reliance Schuster said is a "clear risk factor." The bulk of its revenue comes from North America, with the remainder from Europe. Its clients include municipalities, transit agencies, transport operators, school districts, universities, and corporations. Goldman Sachs, Morgan Stanley, Allen & Company, and Wells Fargo are acting as lead underwriters. The company plans to list its shares on the New York Stock Exchange under the ticker symbol "VIA."
Proceeds from the offering will be used for general purposes, including expansion into new markets.
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