LinkedIn-Backed Confluent Files To Go Public: What You Need To Know

Live event streaming platform Confluent Inc on Tuesday filed for an initial public offering with the SEC.

The startup, backed by Microsoft Corp-owned MSFT professional networking site LinkedIn, did not disclose the number of shares it would offer or the price range. 

Confluent put a placeholder amount of $100 million to be raised in the IPO.

The company reported that first-quarter revenue climbed 51% to $77 million and net loss widened to $44.5 million from $33.6 million.

Confluent was valued at $4.5 billion last year when it raised $250 million in financing and is the latest startup looking to turn into a multibillion-dollar public company, TechCrunch reported at the time.

The California-based startup was founded by former LinkedIn engineers in 2011 and early developers of streaming processing software Apache Kafka.

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According to the prospectus, San Francisco-based venture capital firms Benchmark Capital Partners and Index Ventures own 15.3% and 13% stakes, respectively, in the startup.

The startup counts Citigroup Inc C, Intel Corp INTC and Walmart Inc WMT as customers.

Confluent will list on the Nasdaq under the ticker “CFLT.”