Salem Radio Network News Monday, August 2, 2021

Science

General Atlantic-backed Riskified aims for over $3 billion valuation in U.S. IPO

(Reuters) – Online risk management platform Riskified Ltd, backed by an affiliate of General Atlantic and Fidelity Management & Research Co, was aiming for a valuation of more than $3 billion in its U.S. initial public offering, a regulatory filing showed on Monday.

Riskified said it planned to sell 17.5 million shares on the New York Stock Exchange, priced between $18 and $20 per share. At the top end of the range, it could raise up to $350 million.

Existing shareholders are selling 200,000 of the shares offered, proceeds from which will not go to the company

Riskified was founded by Eido Gal and Assaf Feldman in 2013 to solve issues related to online payment fraud and built a machine learning platform that minimizes payment risk, the filing showed.

Riskified’s revenue jumped 30% to $169.7 million for the year ended Dec. 31, 2020, the filing showed, but the company recorded a net loss of $11.3 million.

Goldman Sachs, J.P. Morgan and Credit Suisse are the lead underwriters for the offering. Riskified will be listed under the symbol “RSKD”.

(Reporting by Sohini Podder; Editing by Shinjini Ganguli)

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