Via Transportation, Inc. is preparing to list on the New York Stock Exchange under the ticker $VIA, offering 10.7 million shares at $40 to $44 each, for a deal size of about $450 million at the midpoint. The transaction includes 7.1 million new shares from the company and 3.6 million secondary shares from existing holders. At the midpoint, Via expects net proceeds of about $275 million, which will be used for R&D, sales and marketing, geographic expansion, and general corporate purposes. Following the IPO, the company will have 79.5 million shares outstanding, implying a market cap of $3.34 billion and an enterprise value of about $3.0 billion. The deal is led by Goldman Sachs, Morgan Stanley, Allen & Company, and Wells Fargo Securities, with support from a broad syndicate of co-managers.
Via’s business centers on modernizing public transit and mobility networks worldwide through a unified, cloud-based platform. Its technology is designed for transit agencies, school districts, universities, corporations, and private operators, and integrates advanced planning and scheduling, on-demand microtransit, paratransit, school bus routing, and trip planning. The acquisition of Citymapper in 2023 added journey planning and mobility-as-a-service features that further enhance its platform. As of mid-2025, Via serves nearly 700 customers across more than 30 countries. Artificial intelligence and machine learning are central to the company’s optimization tools, enabling dynamic routing, pooling, and efficient fleet management.
Founded in 2012, Via has expanded its platform through a mix of organic growth and strategic acquisitions. The purchase of Remix in 2021 added transit planning capabilities, while the $73.9 million acquisition of Citymapper in 2023 extended Via’s reach into consumer trip planning and strengthened its global footprint. These deals highlight Via’s strategy of complementing its core platform with targeted bolt-ons.
The company’s risks reflect its government-heavy customer base, where long procurement cycles, budget constraints, and renewal decisions can weigh on growth. Scaling complex implementations, protecting sensitive data in a multi-tenant environment, and navigating cybersecurity challenges are also ongoing concerns. Additionally, investments in emerging technologies such as autonomous vehicles and electric mobility partnerships bring both opportunity and regulatory risk.
Financial performance shows strong growth alongside persistent losses. Revenue rose nearly 36% from $249 million in 2023 to $338 million in 2024, with gross margins holding near 39%. Operating losses narrowed to $84 million in 2024 from $114 million in 2023, and the first half of 2025 continued to show margin stability, with revenue reaching $206 million and net loss narrowing as a percentage of sales.
Looking ahead, Via intends to deploy IPO proceeds to accelerate R&D, expand internationally, and pursue selective acquisitions that strengthen its technology stack. Management emphasizes the opportunity to grow its customer base beyond the ~689 organizations it currently serves, while improving unit economics and margins as scale builds. At the midpoint, the IPO values Via at about 8.8x 2024 revenue, a premium multiple that reflects its mission-critical role for transit agencies and its sticky customer relationships, while still asking investors to underwrite a path to profitability.
Investor sentiment appears favorable, with a directed share program reserving about 5% of the offering for strategic participants and an indication of interest from Wellington Management to purchase up to $100 million in shares. Pricing in the $40 to $44 range is viewed as balanced relative to growth prospects and ongoing operating losses. Institutional investors are expected to make up the bulk of allocations, though retail participation may be supported by the directed share program.
Post-IPO, Via intends to deepen its presence in global transit markets, broaden its product suite, and continue to invest in efficiency and margin expansion. Management’s stated goal is to make Via the operating system for public mobility, positioning the company as a long-term player in the modernization of global transit infrastructure. For investors, the IPO offers exposure to a company bridging government technology and next-generation mobility solutions at scale.
Via is scheduled to price its IPO on September 11, 2025, and begin trading on September 12, 2025.