Via Transportation eyes $3.5 billion valuation in IPO

Via Transportation is targeting a valuation of up to $3.5 billion in its initial public offering, the transit technology company said on Wednesday, joining a wave of firms aiming to list on U.S. exchanges this fall.

Via and some of its existing investors are seeking to raise up to $471 million by offering 10.7 million shares, priced between $40 and $44 each.

IPO markets are showing signs of recovery after a long lull, buoyed by strong tech earnings and growing expectations of interest rate cuts in the near term. The fall window opened this week with long-awaited roadshow launches.

“Rate cuts are a nice tailwind, but much of the current momentum stems from pent-up demand after two to three years of minimal IPO activity,” said Jeff Zell, senior research analyst at IPO Boutique.

High-profile debuts from design software maker Figma and crypto exchange Bullish have also boosted appetite for first-time share sales.

At the top of its proposed price range, Via’s $3.5 billion targeted valuation would match the level it secured in a 2023 funding round led by venture firm 83North.

Founded in 2012, the Israeli-founded company provides technology that combines on-demand shared rides and intelligent routing to optimize public transit systems in hundreds of cities across more than 30 countries. Rising urban congestion and environmental concerns have increased global pressure on governments to adopt sustainable mixed-mode transport.

Investment management firm Wellington Management has expressed interest in purchasing up to $100 million worth of shares in the IPO, Via said.

Goldman Sachs, Morgan Stanley, Allen & Company, and Wells Fargo are leading the underwriting for the offering. Via plans to list its shares on the New York Stock Exchange under the ticker symbol “VIA.”

According to the filing, Via’s revenue in 2024 reached $337.6 million, up 36% from 2023. In the first half of 2025, revenue amounted to $205.8 million, while the company reported cash reserves of approximately $78 million.

The company has shown notable improvement in its financial performance. The net loss margin narrowed from 58% in March 2023 to 20% in June 2025, while the adjusted EBITDA margin improved from -43% to -8% over the same period. Annual losses were reduced from $117.0 million in 2023 to $90.6 million in 2024, and in the first half of 2025, the net loss was $37.5 million.

Among Via’s major shareholders are: Daniel Ramot, co-founder and CEO, holding approximately 6.2 million shares; Arnon Dinur, partner at 83North, with around 760,000 shares; Pitango, with 5.5 million shares; and 83North, with about 14 million shares.

In the prospectus, Via described its platform as an end-to-end solution for public transportation, offering planning and scheduling tools, operational software, related services, passenger applications, and data analysis. According to the filing, “Our tools enable cities to design smarter networks, manage diverse operations, and deliver advanced passenger applications.”

Via emphasized the vast potential of its market, noting that by the end of Q2 2025 it had 689 customers in more than 30 countries, representing only about 1% of its target market in North America and Western Europe, estimated at 63,000 potential customers. More than 90% of Via’s revenue currently comes from government clients.