Transit tech company Via Transportation closed its first day on the NYSE with a valuation of $3.5 billion after its shares slipped 4.4% in debut trading.
The stock began at $44, coming in below the offer price of $46.
Through the IPO, Via and existing shareholders raised $493 million by offloading 10.7 million shares, priced above the earlier indicated range of $40–$44.
The U.S. IPO market has gained fresh momentum, with easing trade tensions and growing expectations of interest-rate cuts boosting investor demand, making it the busiest week for listings since 2021.
Unlike conventional ride-hailing firms, Via partners with existing public transit systems instead of operating on its own. The New York-based company offers software and operational solutions to cities, transit agencies, schools, and institutions, blending on-demand ride-sharing with smart routing to improve public transport efficiency.
While the business is growing, profitability remains elusive. For the quarter ended June 30, the transit tech posted revenue of $107.1 million alongside a net loss of $21.2 million.
“The model that Via offers brings its own challenges: lower margins, slower scaling across jurisdictions, and dependence on local relationships and regulatory compliance,” said Kat Liu, vice president at IPO research firm IPOX, noting that exposure to public-sector budgets and regulatory complexity continues to pose risks.
Shifting climate patterns, rising congestion, and accelerating urbanization have underscored the growing need to strengthen public transit systems worldwide.
That said, the performance of recent “tech” IPOs has remained mixed.
“While tech IPOs have been the most prominent this year, the standout performers have largely been in or related to AI and FinTech. Other tech segments have seen mixed, though generally positive, results,” said Edward Best, partner at Willkie Farr & Gallagher.
Via is one of the biggest transportation-related tech IPOs in the U.S., according to data from Dealogic.
