Via Transportation files for IPO on NYSE amid strong growth

Investing.com -- Via Transportation, a company that transforms public transportation systems into digital networks, has filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol "VIA."

The company, which provides software and technology-enabled services for public transit systems, has not yet disclosed the number of shares to be offered or the price range for the offering. Goldman Sachs, Morgan Stanley, Allen & Company, and Wells Fargo Securities are serving as underwriters for the IPO.

Via’s platform offers comprehensive solutions for transit planning, operations management, passenger tools, and data analytics. The company serves 689 customers across more than 30 countries as of June 30, 2025, representing approximately 1% of its total addressable market in North America and Western Europe.

The company has demonstrated strong growth, with revenue increasing from $100.0 million in 2021 to $337.6 million in 2024, representing a compound annual growth rate of 50%. For the six months ended June 30, 2025, Via reported revenue of $205.8 million.

Via’s platform helps transit agencies optimize networks, reduce operating costs, and improve service quality. For example, Denton County Transit Authority in Dallas suburbs grew monthly ridership approximately five times without increasing operating budget by using Via’s planning tools to replace underperforming bus lines with microtransit.

The company will have a three-class share structure, with Class A shares carrying one vote each, Class B shares carrying 10 votes each, and Class C shares having no voting rights. Following the offering, Chairman and CEO Daniel Ramot will hold or control a significant portion of voting power through Class B shares.

Via has shown improving financial metrics while maintaining growth. Its net loss margin improved from (47)% in 2023 to (27)% in 2024, while Adjusted EBITDA margin improved from (37)% to (16)% during the same period. For the first half of 2025, the company reported a net loss margin of (18)% and Adjusted EBITDA margin of (8)%.

The company plans to continue growth by winning new customers, expanding existing relationships, entering new international markets, and potentially pursuing strategic acquisitions in what it describes as a fragmented market.

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