Via's IPO Journey: A Cautious Start Leads to a Strong Finish

Investors approached transit software startup Via's IPO with caution on Friday, with shares initially opening below the IPO price before making a recovery to close slightly higher by the end of the day.

The company, which confidentially filed for its IPO in July, priced its shares at $46 each, raising a total of $492.9 million. Trading began Friday afternoon with shares dipping to $44, but they gradually climbed back into positive territory, finishing at just over $49. This modest gain values Via at approximately $3.9 billion at the close of its first trading day.

Via raised about $328 million in the IPO, while existing shareholders sold an additional $164 million worth of stock, bringing the total deal size to nearly $493 million.

"We’re extremely pleased with the result of today’s IPO, and we think it is a testament to the value and durability of the company," said Via CEO Daniel Ramot. "We are grateful for the feedback and support from our team, partners, and investors who made this milestone possible."

Founded in 2012, Via initially launched with its own branded shuttles that users could hail. Over time, the company refined its on-demand routing algorithm, which uses real-time data to efficiently route microtransit shuttles to high-demand areas. Today, this technology is the core of Via's business, serving 689 cities and transit agencies to power their microtransit systems.

Ramot indicated that the IPO proceeds will be used to invest in growth, sales, and marketing efforts. He also hinted at potential future acquisitions, stating, "We’re not necessarily looking to raise funds to drive operations. There may be an opportunity for us to use the proceeds and the currency of a public stock to make some interesting acquisitions like we did with Remix and Citymapper."

Via acquired Remix for bus planning in 2021 and Citymapper for journey planning in 2023. Ramot expressed openness to other complementary acquisitions that align with the company's mission, rather than those aimed solely at gaining market share.

The company has seen its revenue grow by roughly 30% year-over-year. Via projects to earn around $429 million in revenue for 2025, based on multiplying its quarterly revenue by four. For the first six months of 2025, Via reported revenue of $205.7 million. Despite this growth, the company remains unprofitable, though its losses are decreasing. The loss for the first half of 2025 was $37.5 million, down from $50.4 million in the same period the previous year.

Ramot noted that Via is nearing profitability but did not provide specific projections. He emphasized that the company's success demonstrates how government customers can support a lucrative tech business.

"Most tech companies going public are not very focused on this sector, on helping local government," he said. Via's technology primarily benefits riders of microtransit and paratransit systems, including low-income individuals, people with disabilities, and students. "It’s really nice to see investors actually support that," Ramot added.