C3.ai Sells Shares Above Expected IPO Range, Raising $651 Million

C3.ai (NYSE: AI) raised $651 million in funding through the sale of 15.5 million shares at a price of $42 per share on Tuesday, according to a Bloomberg report. The sale values C3.ai at roughly $4 billion, taking place at a price significantly higher than its previously-announced range of between $36 and $38 per share.

The artificial intelligence (AI) software specialist begins trading under the ticker "AI" on the New York Stock Exchange (NYSE) today. C3.ai's initial public offering (IPO) is being led by JPMorgan, Morgan Stanley, and Bank of America, and the company previously disclosed that Microsoft and Spring Creek Capital would be major early investors. 

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Source Fool.com