By Echo Wang
(Reuters) – CoreWeave is planning to reduce the size of its U.S. initial public offering and price shares below range, a person familiar with the matter told Reuters on Thursday.
The scaled-back offering marks a setback for what was poised to be one of the most prominent listings this year.
The Nvidia-backed cloud services company aims to cut the IPO size to 37.5 million shares and price it at $40 each, the source said. The sale would fetch up to $1.5 billion.
It had initially targeted to sell 49 million shares, along with some investors, at a price between $47 and $55 each.
(Reporting by Echo Wang in New York and Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
source: https://theprint.in/tech/coreweave-planning-to-cut-us-ipo-size-price-below-range-source-says/2567907/
