Braze Announces Pricing of Initial Public Offering

Rhea-AI Summary

Braze announced the pricing of its initial public offering (IPO) of 8,000,000 shares of Class A common stock at $65.00 per share. Of these, 6,700,000 shares are offered by Braze, while 1,300,000 shares are from selling stockholders. The underwriters have an option to purchase an additional 800,000 shares. Shares will begin trading on Nasdaq under the ticker symbol 'BRZE' on November 17, 2021, with the offering closing on November 19, 2021, pending customary conditions. Goldman Sachs, J.P. Morgan, and Barclays are lead managers for the IPO.

Positive

• Initial public offering priced at $65.00 per share.
• 6,700,000 shares offered by Braze to raise capital.
• High demand indicated by underwriter option for 800,000 additional shares.

Negative

• Selling stockholders offering 1,300,000 shares could dilute shareholder value.

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Braze, Inc. ("Braze") today announced the pricing of its initial public offering of 8,000,000 shares of Class A common stock at a price to the public of $65.00 per share. Braze is offering 6,700,000 shares of Class A common stock and the selling stockholders named in the prospectus are offering 1,300,000 shares of Class A common stock. In addition, Braze has granted the underwriters a 30-day option to purchase up to 800,000 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions. Braze will not receive any proceeds from the sale of shares by the selling stockholders.

The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "BRZE" on Nov. 17, 2021, and the offering is expected to close on Nov. 19, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, J.P. Morgan and Barclays are acting as joint lead book-running managers for the offering. Piper Sandler and William Blair are acting as joint book-running managers for the offering. Canaccord Genuity, Cowen, JMP Securities, Needham & Company, Oppenheimer & Co. Inc., Raymond James and Loop Capital Markets are acting as co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-888-603-5847.

A registration statement relating to the sale of these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Braze
Braze is a leading comprehensive customer engagement platform that powers interactions between consumers and brands they love. With Braze, global brands can ingest and process customer data in real time, orchestrate and optimize contextually relevant, cross-channel marketing campaigns and continuously evolve their customer engagement strategies. Braze has been recognized as one of Fortune's 2021 Best Workplaces in New York, Fortune's 2021 Best Workplace for Millennials, and 2021 UK Best Workplaces for Women by Great Place to Work. The company is headquartered in New York with offices in Berlin, Chicago, London, San Francisco, Singapore, and Tokyo.

Media Inquiries:
brazepr@icrinc.com

Investor Relations:
Christopher Ferris
christopher.ferris@braze.com

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SOURCE Braze

FAQ

What are the details of Braze's initial public offering?

Braze is offering 8,000,000 shares at $65.00 each, with 6,700,000 shares from Braze and 1,300,000 shares from selling stockholders.

When will Braze start trading on Nasdaq?

Braze shares will begin trading on Nasdaq under the ticker symbol 'BRZE' on November 17, 2021.

Who are the underwriters for Braze's IPO?

Goldman Sachs, J.P. Morgan, and Barclays are acting as joint lead book-running managers for the offering.

What is the expected closing date for Braze's IPO?

The offering is expected to close on November 19, 2021, subject to customary closing conditions.

How will the funds from Braze's IPO be used?

The press release does not specify the intended use of funds from Braze's IPO.