(Reuters) - Qualtrics International Inc, the survey-software seller owned by business software group SAP, on Wednesday sold stock in its U.S. initial public offering at $30 apiece, above its target range, according to a person familiar with the matter.
The company had aimed to sell shares at between $27 and $29 each. The final amount of stock sold in the IPO may change, but at $30 Qualtrics will have raised more than $1.5 billion based on the 50.4 million shares it initially planned to sell, valuing it at around $15 billion.
Qualtrics declined to comment. The source requested anonymity because the details were not yet public.
SAP agreed to buy Qualtrics in November, 2018 ago for $8 billion, just as Qualtrics was getting ready for an IPO.
In an interview last year, SAP Chief Executive Officer Christian Klein said floating the unit had been the only way to keep on board the Qualtrics leadership team led by founder Ryan Smith, who was unsettled by the departure of SAP’s American co-CEO Jennifer Morgan.
Provo, Utah-based Qualtrics, which gathers real-time feedback from customers to help analyze how a firm’s products or services are performing, saw revenues rise about 32% to $550 million in the nine months ended Sept. 30.
Net loss also narrowed to $258 million during the period from $860.4 million a year earlier, as existing customers bought upgrades and as Qualtrics acquired new customers.
Qualtrics’ shares are due to start trading on Thursday on Nasdaq under the ticker symbol “XM.”
Morgan Stanley and JPMorgan are the lead underwriters for the offering.
Reporting by Joshua Franklin in Miami; Editing by Leslie Adler
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