SAP's Qualtrics Looks to Raise More Than $1 Billion in IPO
January 19 2021 - 8:31AM
Dow Jones News
By Colin Kellaher
Qualtrics International Inc., the
customer-relationship-management software vendor owned by Germany's
SAP SE, on Tuesday said it plans to sell about 49.2 million shares
at between $22 and $26 apiece in its initial public offering.
At the $24 midpoint of that range, the Provo, Utah, company said
it expects net proceeds of about $1.12 billion, or roughly $1.285
billion if the underwriters exercise an option to buy an additional
7.38 million shares.
Qualtrics said funds affiliated with Silver Lake Technology
Management LLC have agreed to buy $550 million of stock in a
concurrent private placement.
SAP, which in late 2018 agreed to buy Qualtrics for about $8
billion as the startup was on the cusp of going public, would still
hold 98% voting power after the IPO.
In a filing with the U.S. Securities and Exchange Commission,
Qualtrics said it would have roughly 510.2 million shares
outstanding after the IPO, assuming exercise of the overallotment
option, for a market capitalization of about $12.24 billion at the
$24-a-share midpoint.
Qualtrics said it has applied to list its shares on the Nasdaq
Global Select Market under the symbol XM.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2021 08:16 ET (13:16 GMT)
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