Billionaire Siebel's C3.ai boosts IPO price range as investors flock to tech stocks

C3.ai, founded by billionaire tech entrepreneur Tom Siebel, said on Monday it expects to raise $589 million in its initial public offering (IPO) after boosting its price range, underscoring the demand for new tech listings, reports Reuters.

The software company plans to sell 15.5 million shares priced at between $36 and $38 per share, it said in a regulatory filing here. It had earlier targeted a price range of $31 to $34 per share.

The company is among the numerous Silicon Valley startups that are rushing to capitalize on an investor frenzy for new tech stocks. Palantir Technologies, Snowflake Inc and Unity Software all went public this year.

C3.ai's market capitalization at the top end of the range would be around $3.66 billion.

Food delivery startup DoorDash Inc on Friday also raised its IPO target price range and home rental firm Airbnb is expected to follow suit.

C3.ai builds predictive analytics systems to help customers with maintenance and repair work, fraud detection, money laundering prevention and other services. The company counts Royal Dutch Shell, 3M, the US Air Force and the US Department of Defense, among its customers.

Morgan Stanley, J.P. Morgan and BofA Securities are acting as the lead book-running managers for the proposed offering.