Clear Secure targets US$4.34 billion valuation in US IPO

Clear Secure, which uses biometric technology to validate identity, is looking to raise as much as US$396 million ($522 million) through a US initial public offering at a valuation of about US$4.34 billion, according to a regulatory filing.

The New York-based company plans to sell 13.2 million shares of its Class A common stock on the New York Stock Exchange, priced between US$27 and US$30 per share.

Clear Secure was launched in 2010 with the view to create smooth travel experiences with added security in a post 9/11 world.

Its businesses include the CLEAR Plus, a consumer aviation subscription service, and its mobile applications, which together have the largest users of its platform.

Net proceeds from the offering will be given to Alclear Holdings, an entity controlled by co-founder and chief executive officer Caryn Seidman-Becker, in exchange for Alclear non-voting common units equal to the number of shares to be offered in IPO.

The company’s technology is present across 38 airport locations and 26 sports and entertainment partners across the United States, with 61 million cumulative platform users.

Its information security program was given the highest certification rating by the US Department of Homeland Security, the filing showed.

Goldman Sachs, J.P. Morgan, Allen & Co and Wells Fargo Securities are the lead underwriters for the offering.

Clear’s stock will be listed under the symbol “YOU”.

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Lisa is avid technical blogger. Along with writing a good articles, She has close interests in gadgets, mobile and follows them passionately.

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