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Tom Siebel’s C3.ai files for IPO

November 14, 2020, 2:01 AM UTC

C3.ai, the software maker founded by former Oracle executive Tom Siebel, filed Friday for an initial public offering.

The company in its filing with the U.S. Securities and Exchange Commission listed the size of the IPO as $100 million, a placeholder that will likely change.

C3.ai last month formed a partnership with Microsoft and Adobe for a new customer-relationship management software seeking to combat Salesforce.com.

Siebel founded Siebel Systems, which was acquired by Oracle in 2006. He then held executive roles at Oracle. Siebel and the private equity firm TPG are the biggest owners of C3.ai, according to its prospectus.

C3.ai reported a net loss of $69 million for the year ended in April 30, compared with $33 million the previous year. It said its revenue rose about 71% over the same period.

Morgan Stanley, JPMorgan Chase and Bank of America are leading the offering. C3.ai is planning to list its shares on the New York Stock Exchange under the symbol AI.