Transit software startup Via proved skeptics wrong on Friday, shaking off a rocky IPO debut that started below its $46 offering price to close at just over $49. The modest 7% gain gives the 13-year-old company a $3.9 billion valuation as it becomes the latest transportation tech firm to test public markets.
The transportation tech sector just got its latest public company, though not without some first-day jitters. Via managed to recover from an underwhelming market debut to finish its IPO day in positive territory, signaling cautious but real investor appetite for government-focused transit solutions.
Shares opened at $44 Friday afternoon, immediately putting the company underwater from its $46 IPO price. But by market close, Via had clawed back into the green at just over $49, delivering a modest 7% gain that values the company at roughly $3.9 billion. "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," CEO Daniel Ramot told TechCrunch following the close.
The performance reflects broader market uncertainty around transportation tech IPOs, but Via's recovery suggests investors see value in its government-focused business model. Unlike ride-hailing giants that chase consumer markets, Via has built its entire operation around serving cities and transit agencies with routing software that optimizes microtransit and paratransit systems.
Via's path to public markets began with a confidential filing in July, culminating in Friday's $493 million raise. The company itself netted about $328 million from the offering, while existing shareholders cashed out another $164 million worth of stock. That war chest gives Via significant firepower for its next growth phase, particularly as CEO Ramot hints at potential acquisitions.
"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," Ramot explained in the TechCrunch interview. The company has already proven its appetite for strategic buys, acquiring Remix for bus planning in 2021 and CityMapper for journey planning in 2023.
The financial story behind Via's IPO reveals a company hitting its stride. Revenue has grown roughly 30% year-over-year, with the company projecting around $429 million for 2025 based on quarterly run rates. The first half of 2025 generated $205.7 million in revenue, while losses shrank from $50.4 million to $37.5 million compared to the previous year. Ramot says the company is "close to profitability" but declined to offer specific timelines.
