The IPO Buzz: Life360 Prices U.S. Offering at $27.00; Stock Slides in NASDAQ Debut

Life360 (LIF), which provides a mobile app and Tile trackers to help families and pets stay connected, priced its U.S. initial public offering of 5.75 million shares  at $27.00 to raise $155.25 million, the San Francisco-based company announced early today – Thursday, June 6, 2024. The $27.00 offering price was more than $3.00 below the marketed price – an as-converted price – of $30.43.

Shares of Life360 fell in their NASDAQ debut, opening at $26.00 – $1.00 below the U.S. IPO/NASDAQ uplisting price – at 11:04 a.m. EDT today  (Thursday, June 6, 2024) on volume of 117,631 shares, according to NASDAQ records. (Editor’s Note: This column, initially published this morning, was updated late this morning to add news on Life360’s NASDAQ debut.)

The stock is expected to start trading today on the NASDAQ. (Note: IPOScoop classifies this offering as a NASDAQ uplisting because Life360’s stock is represented by CHESS Depositary Interests – also known as “CDIs” – that will remain listed on the Australian Securities Exchange.)

Goldman Sachs, Evercore ISI and UBS Investment Bank were the joint book-running managers, with Stifel as an additional book-running manager for the IPO.

Canaccord Genuity, Citizens JMP and Loop Capital Markets acted as co-managers for the offering.

Of the 5.75 million shares in the U.S. IPO, Life360 offered 3.29 million shares (3,286,231 shares) and the selling stockholders offered 2.46 million shares (2,463,769 shares). The company said in its June 3, 2024, press release: “In order to facilitate additional liquidity for a U.S. listing while minimizing dilution for existing stockholders, the Offering includes a secondary component whereby certain stockholders will sell a portion of their security holdings.”

Connecting People and Pets

Life360, a family connection and safety company, keeps people close to the ones they love, the company says.

“The category-leading mobile app and Tile tracking devices empower members to stay connected to the people, pets, and things they care about most, with a range of services, including location sharing, safe driver reports, and crash detection with emergency dispatch,” Life360 said today (Thursday, June 6, 2024) in a press release announcing the pricing of its NASDAQ offering.

“As a remote-first company based in the San Francisco Bay Area, Life360 serves approximately 66 million monthly active users (MAU), as of March 31, 2024, across more than 150 countries. Life360 delivers peace of mind and enhances everyday family life in all the moments that matter, big and small. For more information, please visit life360.com “