Investors adopted a careful stance regarding transit software startup Via’s IPO on Friday, with shares beginning below the company’s IPO price before slightly recovering by the day’s end. 

The firm, which initially submitted a confidential IPO filing in July, set its IPO price at $46 per share, generating $492.9 million. The shares fell to $44 when trading started Friday afternoon, before gradually recovering to close at a little over $49. This modest increase values Via at approximately $3.9 billion at the conclusion of its inaugural trading day.

Via raised around $328 million in its IPO, while current shareholders unloaded an additional $164 million in stock, resulting in a total deal size nearing $493 million.

“We’re very satisfied with the outcome of today’s IPO, and we believe it demonstrates the value and resilience of the company,” stated Via CEO Daniel Ramot. “We appreciate the feedback and backing from our team, partners, and investors who made this milestone achievable.” 

Via began its operations in 2012 with the launch of Via-branded shuttles that users could summon. As time passed, Via enhanced its on-demand routing algorithm, utilizing real-time data to direct microtransit shuttles to their most needed locations. This technology has now become its primary business, which it provides to 689 municipalities and transit agencies to enhance their microtransit services.

Ramot informed TechCrunch that the company intends to utilize the funds to focus on growth, sales, and marketing. There could even be potential for future acquisitions.

“Our aim isn’t necessarily to raise funds to support daily operations,” Ramot remarked. “There might be a chance for us to leverage the proceeds and the currency of publicly traded stock to pursue some intriguing acquisitions similar to what we did with Remix and Citymapper.”

Via purchased Remix for bus planning in 2021 and Citymapper for journey planning in 2023. Ramot expressed his openness to other complementary acquisitions rather than those aimed solely at increasing market share. 

Via’s revenue has grown approximately 30% year-over-year. The company informed TechCrunch that it anticipates generating around $429 million in revenue by 2025, based on its quarterly revenue multiplied by four.

Via wrapped up the first half of 2025 with $205.7 million in revenue. However, the company is still operating at a loss, although that deficit is decreasing. The initial six months of 2025 closed with a loss of $37.5 million, down from $50.4 million the previous year.

Ramot mentioned that Via is nearing profitability but refrained from providing specific forecasts.

The executive asserts that Via’s growth demonstrates that government clients can foster a profitable business. 

“Most tech firms going public aren’t particularly focused on this sector, which centers on aiding local governments,” he noted, mentioning that the technology Via offers primarily benefits riders of microtransit and paratransit systems, particularly those who depend on buses for transportation. 

“Individuals from low-income backgrounds, those with disabilities, and students — these are the demographics that we generally assist,” he stated. “It’s truly encouraging to see investors supporting that.”