NEW YORK: Gladstone Place Partners supported Clear Secure as it staged its initial public offering on the New York Stock Exchange with the ticker symbol YOU on Wednesday.
Gladstone COO and partner Lauren Odell and SVP Patricia Figueroa represented Clear in its $4.5 billion IPO. The agency declined to comment on the scope of the client relationship.
By Thursday, Clear Secure’s stock price hit over $50 per share, with market capitalization exceeding $7 billion. The IPO is set to close on Friday, following a three-day option for underwriters to purchase an additional $1.98 million shares at the IPO price.
Clear is best known for its facial-scanning technology in airports, which made up 72% of its new subscriptions last year, according to Forbes. However, the biometric screening company predicted that it will expand to routine daily uses including visits to doctors’ offices, theaters and sporting events. In February, Clear closed on a $100 million funding round.
Clear uses biological measurements of physical characteristics, such as fingerprints and irises, to identify individuals. It links this data to stored personal information to expedite security checkpoint clearances at places with large gatherings of people, such as airports, stadiums, museums and other venues.
In April, the company hired DC political insider Ken Lisaius, as VP of public affairs and communications. Previously, he served as deputy press secretary under President George W. Bush. One of his initial projects involved the communications and public affairs aspects of Clear mobile app Health Pass, which connects personal identification to COVID-related health information.
Former Brunswick Group U.S. senior partner Steve Lipin launched Gladstone in 2017 with staffers from his former shop as well as veterans of Kekst and Company, FTI Consulting and Prosek Partners.