Kaltura Inc. has reset terms of its initial public offering lower, in which the New York-based provider of on-demand video products is now expected to be valued at up to $1.36 billion. The company is now looking to raise up to $165.0 million, as it is offering 15.0 million shares in the IPO, which is expected to price between $9 and $11 a share. When the company originally set IPO terms in March, the company said it was offering 17.4 million shares and selling stock holders would offer 6.1 million shares in the IPO, which was expected to price between $14 and $16 a share to value the company at up to $1.97 billion. The company is expected to list on the Nasdaq under the ticker symbol "KLTR." Goldman Sachs and BofA Securities are the lead underwriters. The company recorded a first-quarter net loss of $15.6 million on revenue of $37.7 million, after a loss of $5.0 million on revenue of $25.9 million in the year-ago period. The company is looking to go public at a time of tempered investor enthusiasm for IPOs, as the Renaissance IPO ETF has edged up 0.6% year to date while the S&P 500 has rallied 16.3%.
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